Bardsley in administration, all staff made redundant
Bardsley chairman Roly Bardsley.
Manchester-based contractor Bardsley has gone into administration and all its staff have been made redundant.
Duff & Phelps have been appointed joint administrators of Bardsley Group Limited, Bardsley Construction Limited and Bardsley Construction Holdings Limited.
Bardsley dates back to 1964, employing over 200 members of staff, who have all been made redundant as a consequence of the administration.
The company’s current turnover is “in the region of £80m”, according to Duff & Phelps, though the last accounts filed at Companies House for Bardlsey Construction show revenue of £68.3m in the year to 31 December 2017 and a pre-tax profit of £1.13m. It had total assets less liabilities of £10.1m and £8.76m cash in the bank. Chairman Roly Bardsley, the major shareholder, reported a “healthy pipeline of £60m”.
Bardsley, which also has an office in Leeds, works across education, hotels, leisure facilities, offices, retail and residential, chiefly in the north west and Yorkshire.
It has built in excess of 2,500 residential properties in the last five years for private and affordable housing providers, student accommodation, mid-rise PRS, plus with elderly care provision.
The administrators said the group has experienced challenging market conditions including 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, 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 said they 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.