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.
John has specialised in Corporate Recovery, Restructuring and Insolvency since 1977 and has accumulated an extensive experience in a wide range of sectors mainly in the East and West Midlands. A former partner in Ernst & Young and Kroll, John joined Begbies Traynor in 2004. He has gained a reputation for dealing with the more challenging cases for lending institutions whether it is for a recovery or restructuring assignments.
John is a past president of Birmingham and West Midlands Society of Chartered Accountants.