Tue, 26 Jul 2011 | ADMINISTRATION
HSE Group, the London-based building company, has entered administration with six of the company's seven subsidiaries ceasing to trade.
Administrators from FRP Advisory have been brought in to handle the administration of the company and the subsidiaries affected, which include Platignum Environmental, HSE Facilities Management, Elite Lighting Solutions, Elite Control Solutions, HSE Technical Services and HSE Environmental Services.
Representatives from FRP have said that they are holding talks with trade partners to try to minimise contract disruption and sell on the businesses' assets, according to trade website, Building.co.uk.
Recent accounts for the group said that it had a turnover of £12 million last year, and a profit of £900,000.
The seventh company - HSE Building Services - is thought to be nearing a management buy-out deal, which could save around 120 jobs and sustain the company's name. The building services arm was set up 18 months ago and has run successfully as a mechanical and electrical fit-out business.
A representative of the company has said that a rescue buy-out is likely to be tied up "by the end of the week". He added, "We are continuing to trade normally and we have the support of all our clients and suppliers."
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