Tue, 04 Feb 2014 | ADMINISTRATION
A construction company based in Wolverhampton has entered administration, with administrators from BDO appointed to handle the matter.
Ian Gould and Christopher Rayment will be responsible for the company until it is wound up or a buyer is found. At the moment, there is no further information regarding whether or not the firm is to be sold out of administration.
Things were looking up for the business when Coalway Building Services last posted its profits for the year ending 31 March 2013. The company reported a modest pre-tax profit of almost £70,000 on a turnover of £7.9 million, but the company's directors said that the profit would “hopefully be the start of a period of improved performance”.
Unfortunately, the warning of taking “signs of recovery for granted” at that point proved true and the business has since stumbled in the middle of a refurbishment contract of government offices in London, according to industry analysts Glenigan.
The government work was subcontracted to Coalway by Cameron Black, which has also entered administration following the closure of a number of its sites at the beginning of the year.
Coalway was established over 20 years ago and had almost 100 employees in place, but these jobs are now under threat.
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