A Midlands civil engineering group, comprising Parkstone Group Holdings Ltd, Parkstone Group Ltd and Parkstone Construction Ltd, has ceased trading after entering administration.
Lloyd Biscoe and John Kelly, of business recovery and insolvency specialist Begbies Traynor, were appointed joint administrators on Monday, January 26 following a court application by the directors of the companies.
John Kelly, who is also regional managing partner at Begbies Traynor for the Midlands, said: “The companies had survived the worst recession in memory but latterly with increased challenges to be paid on contracts cash ran out and the directors were faced with no alternative but to seek the protection of an administration order. “
The appointment only covers Parkstone Group Holdings Ltd, Parkstone Group Ltd and Parkstone Construction Ltd, and has resulted in redundancies for an estimated 74 staff at the firms’ Coleshill HQ.
The group was subject to a management buyout in 2007 just before the recession began to bite.
The joint administrators are seeking interest from other contractors who may be able to take an assignment or novation of existing contracts. Any interested parties should contact John Kelly or Gareth Prince at Begbies Traynor, Birmingham office.
Mark is a partner in the Birmingham and Cheltenham offices. He is a Chartered Certified Accountant and also a Licensed Insolvency Practitioner. He joined the company in 2005 and has over 10 years restructuring and insolvency experience. He advises directors and management teams across a wide range of sectors.