Tue, 10 Dec 2013 | ADMINISTRATION
A construction company specialising in the construction of rail and underground infrastructure has entered administration.
The Metropex Group, based in London, was founded in 2004 and was initially contracted to work on London Underground, performing specialist concrete, brick and stone work on the rail system. It went on to carry out work on Gatwick Airport, as well as the Crossrail project and Birmingham New Street station. According to the company website, Metropex handled contracts worth between £50,000 and £3 million during its time in operation.
“Challenging trading conditions” were cited by administrators at Begbies Traynor as the reason behind the business administration. Neil Mather and Kirstie Provan, joint administrators for the business, added that the firm was also hit by a “significant loss” from one of its major contracts, according to reports from Construction News.
The administrators have stated that they will now look into the company's assets and business “with the aim of maximising the realisation of assets for creditors”. They were appointed to handle the administration on 5 December, but trading itself was halted at the business on 21 November.
The latest accounts for the group for the year to the end May 2012, show that the business had liabilities of over £1.7 million and assets of around £1.8 million.
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