Wed, 18 Jul 2012 | ADMINISTRATION
B&B Steelworks has been pushed into administration after the firm failed to agree a deal with HM Revenue & Customs over unpaid tax.
The business, which is based in Leigh, has been placed under the control of administrators from Cowgill Holloway and plans are now in place to put the company on the market.
Administrator Jason Elliot told Insider Media that HMRC and the B&B Group each owed money to the other. However, no deal could be struck between the pair and B&B Steelworks was forced into administration as a result.
He added that Cowgill Holloway was brought in to offer advice to the board of directors regarding the issue. The administration was deemed to be the best way forward.
B&B Steelworks was founded in 2007 and works as a specialist steelworks frame builder. It runs separately from its parent company B&B Group and employs around 55 staff. At the moment nobody has lost their jobs as the administrators are working to sell the business and deliver novation of existing contracts.
Mr Elliott added that he had received one expression of interest but the specialised nature of the company's work is making it difficult to find a buyer.
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