Chris Pole and Richard Philpott of KPMG were today appointed joint administrators to Herbert Baggaley Construction Limited and Baggaley Group Limited.
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 joint administrators will provide further updates as the case progresses.
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