Construction group enters administration with the loss of more than 50 jobs
WEST Bromwich construction group Anglo Holt has gone into administration with the loss of more than 50 jobs.
The company, which appeared to have a strong pipeline of work, ceased trading after suffering cashflow problems. Administrator Baker Tilly said the firm had encountered problems because of a string of contract losses during the past 18 months.
The company is the second construction group in the region to go under in as many weeks. Coleshill-based Parkstone collapsed into administration last week with the loss of more than 100 jobs.
Baker Tilly said the situation at Anglo Holt had worsened because of a shortfall in working capital which had left it unable to pay suppliers and sub-contractors.
Rumours about the firm had been rife for several days and this was compounded by reports the company had removed men and materials from several of its sites over the weekend.
Baker Tilly said this was because the firm had taken steps to suspend work on the eight live contracts with 52 of its 67 employees being made redundant.
The remaining 15 staff have been retained by administrators Guy Mander and Diana Frangou to see if they can realise assets from the business.
Mander said: “The cashflow issues were such that the directors had little choice but to place the company into administration.
“We have appointed independent quantity surveyors to review the company\’s contract base and we are currently liaising with the various customers to seek value and the best overall position for stakeholders on each contract.
“Regrettably, we have had to make 52 staff redundant and our specialist employee team has been assisting them both with making their claims from the redundancy payments office and offering general support and advice.”
Anglo Holt, which was founded in 1969, had been working on a series of projects for budget hotel chains Travelodge, Premier Inn and ibis. It was also responsible for the new customer collection centre at Jaguar Land Rover’s Lode Lane plant in Solihull, together with a variety of retail schemes.
