Chris Pole and Richard Philpott of KPMG were today appointed joint administrators to Herbert Baggaley Construction Limited and Baggaley Group Limited. The group employs 104 people from a freehold office in Mansfield. No redundancies were made on appointment.
Chris Pole, joint administrator and restructuring director at KPMG, commented:
“Unfortunately the business has been under financial stress for some time due to a number of loss-making contracts and the continuing difficulties experienced in the construction sector. Despite a management buy-out last year and efforts to restructure and refinance, this difficult position has been compounded by ongoing losses and unsustainable cash flow pressure. The directors were left with no option but to seek the appointment of administrators. We will now rapidly be assessing the options for this well known business.”
The joint administrators will provide further updates as the case progresses.
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About KPMG
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
