GB Group Holdings Limited and GB Building Solutions Limited are now in administration with Tony Nygate and Graham Newton of BDO LLP now running the company.
BDO said: “In recent months, the companies experienced trading and cash flow issues, including three substantial claims on contracts, which contributed to a deterioration in their working capital position.
“Efforts to raise funding to secure the future of the companies were unsuccessful, leaving no option left but to place them into administration.
“Regrettably, it has been necessary to make approximately 350 employees redundant.”
Other companies within the wider GB group are not in administration.
BDO business restructuring partner, Tony Nygate, said: “The companies experienced a serious deterioration in their working capital position and as a result were unable to continue to operate.
“Regrettably, it has been necessary to make all employees redundant, save for a small number to assist the administrators.
“The Joint Administrators are actively seeking purchasers for all or part of the business or assets, and going forward, our priority will be to maximise recoveries for the creditors.”
Prospective purchasers or creditors with enquiries can contact the Administration team by email at [email protected]
