70 jobs saved as Minshall Construction sold out of administration

THE sale of Minshall Construction as a going concern has secured the jobs of 70 members of staff at its Market Drayton base.

The business operates as a national supplier of agricultural steel buildings and structural steelwork to the agricultural, industrial and commercial sectors.

Joint administrators from FRP Advisory, the restructuring and advisory firm, have secured the sale of the company’s underlying agricultural steel buildings supply business out of administration to Minshall Construction (UK) Limited.

Prior to entering administration, Minshall had been facing cashflow pressures as a result of declining turnover, in particular from customers in the agricultural sector, putting unsustainable pressure on the company’s working capital under its financial structure.

The company operated from five leasehold premises in Market Drayton and employed 100 members of staff. Some 30 employees were made redundant prior to the appointment of joint administrators.
 
After entering administration the joint administrators completed an immediate sale of the business and accompanying assets as a going concern to a new company, Minshall UK, allowing it to continue to trade under new ownership and financial structure from three of the leasehold premises.

Arvindar Singh-Sall, director and joint administrator at FRP Advisory, said: “We are delighted to have secured the future of a majority of this well-known Shropshire-based steel structure supply business, securing 70 jobs in the process while ensuring vital continuity of management experience under a new company structure.

“The business had traded successfully for a number of years until the tough economic climate in recent months affected its cash flow, putting unsustainable financial pressure on its previous corporate and financial structure.

“The sales process has ensured minimal disruption to customers and suppliers alike.”