Tue, 24 Nov 2020 | ADMINISTRATION
Manchester-based construction firm Goodwin’s Construction Services Group has entered administration, with administrators saying that COVID-19-related project delays had caused cashflow difficulties.
Founded in 2014, Goodwin’s Construction Services Group, formerly known as Goodwin Construction Group, was part of the Goodwin Group. The company was based in Cheadle and worked on schemes across the North West of England.
It worked on projects across many diverse sectors, including commercial, retail, residential, industrial and leisure. At the outset of 2020, the company had a solid advanced order book but began to suffer project delays during the COVID-19 pandemic, causing mounting cashflow problems.
Goodwin’s had however also suffered several project delays prior to the pandemic. The company had been involved in numerous projects with contractor Pinnacle, which collapsed in 2018, leaving major projects in Bradford and Liverpool up in the air.
Yasmin Bhikha, John Lowe, and Anthony Collier of FRP Advisory have been appointed as joint administrators. The administration has led to 30 redundancies among the company’s staff. Goodwin Group is unaffected and will continue to trade as normal.
John Lowe commented: “Goodwin’s Construction Services was a strong business but, unfortunately, the challenges facing the business left it with no option other than to appoint administrators as it was unable to generate the cashflow to remain solvent. Our priority is now to support those employees affected and we will be working closely with the redundancy payments service to do so.”
In its latest reports, to the year ended June 30 2019, Goodwin’s reported fixed assets of £106,087, current assets of close to £4.5 million and net current assets of close to £1 million, with creditors owed £3.5 million.
At the time, the company had cash reserves of £1.7 million, profit reserves of £1.1 million and was owed £2.7 million by debtors.
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