More than 200 made redundant as construction group goes into administration
Bardsley Group, Bardsley Construction and Bardsley Construction Holdings have gone into administration.
Steven Muncaster and Stephen Clancy, both of Duff & Phelps, have today been appointed Joint Administrator.
Bardsley Group Ltd, which has offices in Leeds and Manchester, is a privately owned regional contractor with over 55 years of experience delivering buildings in both the private and public sector. It has a current turnover in the region of £80m and employs over 200 members of staff. As a result of the appointment of administrators all staff have been made redundant.
Bardsley’s workload includes the construction of education, hotels and leisure facilities, office and retail premises together with all aspects of residential development.
The Group has experienced challenging market conditions, resource issues within the sector, contractual disputes with private clients together with new work opportunities being delayed as a result of the uncertainty in the economic and political environment.
Muncaster, joint administrator, said: “We were formally engaged in November 2019 to advise the Group on its current financial position and to facilitate an Accelerated Merger and Acquisition process or seek immediate investment to tide the Group over into 2020 when a number of new orders are expected to come online.
“Despite a number of expressions of interest no acceptable formal offers have been made for the Group, leaving the directors with no option but to appoint Administrators.
“The companies normally shut down over the Christmas period and as such this timing will enable us to undertake a further review of the financial position of the Group while marketing the business and assets for sale.
“We will be working solidly over the holiday period to facilitate this.”
The Joint Administrators are looking at a sale of the business and assets of the Companies as a going concern in the first instance. If this does not prove possible, then the Administrators will look to realise all known assets of the Group for the benefit of its creditors.
