30 jobs lost as construction firm goes into administration
Up to 30 jobs have been lost following the administration of Cheadle-based Goodwin’s Construction Services Group.
Administrator FRP Advisory said the firm, previously known as Goodwin Construction Group until last month following a name change, had faced significant cashflow problems in recent months as a result of the coronavirus pandemic.
Goodwin’s worked across a range of sectors, including industrial, residential, retail, commercial and leisure.
Among projects the firm was working on were a residential scheme on Palatine Road, Northenden, conversion of an office block to residential at Grove House close to Manchester city centre, similar schemes at Lombard House in Northenden, and in Bradford, a 300-apartment development in Liverpool’s Baltic Triangle, and a conversion from a single flat and offices to residential apartments in Market Street, Manchester.
FRP partner and joint administrator, John Lowe, said: “Goodwin’s Construction Services was a strong business but, unfortunately, the challenges facing the business left it with no option other than to appoint administrators as it was unable to generate the cashflow to remain solvent.
“Our priority is now to support those employees affected and we will be working closely with the redundancy payments service to do so.”
The firm’s last company accounts, to June 30, 2019, did not reveal turnover figures, but showed £1.7m cash at bank and in hand. However, it was owed £2.7m by debtors, while it owed £3.5m to creditors. It had a total of £106,000 in fixed assets.
The company, based at Cheadle Royal Business Park, is part of parent company the Goodwin Group, which remains unaffected and continues to trade as normal.