Mon, 15 Jul 2019 | ADMINISTRATION
Rail contracting company Aspin Group Limited has been forced into administration just over a year after venture capitalists took over the business.
The specialist engineering firm called in professional restructuring advisors Quantuma LLP on 11 July 2019 to handle the administration process, with partners Sean Bucknall, Brian Burke and Andrew Hosking appointed as joint administrators.
Established in 2000, Aspin Group grew to have 200 employees following the acquisition of McGrattan piling and RSI Limited, which were all consolidated into one company in October 2017. Although it worked on a number of different infrastructure projects in a variety of industries, its speciality was in delivering rail contracts by providing overhead line equipment and signalling structures.
Following the collapse of Carillion in January 2018, the company took on an £800,000 hit prior to being taken over by Sandton Capital Partners. Ian Sale was brought in as the new finance director from the Defence Infrastructure Organisation but resigned from his position just a day before the company entered administration.
A statement on Aspin’s website said: “On 11 July 2019 the directors of the Company appointed Sean Bucknall and Brian Burke both of Quantuma LLP, 37 Frederick Place, Brighton, BNI 4AE and Andrew Hosking of Quantuma LLP, High Holborn House, 52-54 High Holborn, London, WC1V 6RL as Joint Administrators of the Company.
“The affairs, business and property of Aspin Group Limited (in Administration) are managed by the Joint Administrators, who act as agents of the Company and contract without personal liability. If you have any queries please contact Quantuma LLP.”
The most recent accounts filed at Companies House reveal a turnover of £39.8 million and a pre-tax loss of £10 million in the 18 months to January 31, 2018.
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