Steven Muncaster and Stephen Clancy, both of Duff & Phelps, have been appointed Joint Administrator of Bardsley Group Limited, Bardsley Construction Limited and Bardsley Construction Holdings Limited (“the Group or the Companies”) on 20 December 2019.
Bardsley Group Ltd is a privately owned regional contractor with over 55 years of experience delivering high quality buildings in both the private and public sector. With a current turnover in the region of £80million and employing over 200 members of staff. As a result of the appointment of Administrators all staff have unfortunately been made redundant.
With offices in Manchester and Leeds, its diverse workload includes the construction of education, hotels & leisure facilities, office & retail premises together with all apects of residential development.
Its residential experience has delivered in excess of 2,500 properties in the last five years including low rise residential for both private and affordable housing providers, student accommodation, mid-rise PRS/BTR together with elderly care provision.
The Group has experienced challenging market conditions including the timely delivery of a number of recent projects, 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.
Steven Muncaster, Joint Administrator, commented: “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” added Mr Muncaster.
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.
