LONG-standing contractor Bardsley has gone into administration, resulting in the loss of over 200 jobs.
The £80 million turnover business, which has offices in Manchester and Leeds, has over 55 years of experience in delivering buildings in both the private and public sector.
Steven Muncaster and Stephen Clancy, of Duff & Phelps, have been appointed joint administrator of Bardsley Group Limited, Bardsley Construction Limited and Bardsley Construction Holdings Limited.
The administrators said the group has experienced ‘challenging market conditions’ including the timely delivery of a number of recent projects, industry resource issues, contractual disputes with private clients, and new work opportunities being delayed as a result of economic and political uncertainty.
Steven Muncaster 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 administrators added that they are looking at a sale of the business and assets of the companies as a going concern in the first instance. If this isn’t possible, they will look to realise all known assets for the benefit of its creditors.
