HatterScaff
Well-known member
GB Building goes into administration Ι Construction EnquirerThe GB Group has been placed into administration.
The Enquirer understands that staff were told late yesterday afternoon and security teams secured sites last night.
The news will rock the industry and is one of the highest-profile failures in recent memory.
An official announcement by the administrators is expected later today.
Subcontractors and staff were left stunned by the news.
One subcontractor said: “We got paid only a week ago and it seemed like things were going along fine on the job.
“Then last night a security team suddenly turned up at last knockings and locked everything up.”
The Enquirer spoke to GB chairman Martin Smout yesterday who was trying to put a financial rescue deal together with the company’s bankers.
The subcontractor said: “It seems they were working hard to sort something out but it hasn’t happened.”
GB specialises in care homes, student accommodation, residential, hotels and leisure, education and commercial.
Nearly three-quarters of its work was repeat business with clients.
Latest accounts for the 18 months to December 2013 show the GB Group made a pre-tax loss of £1.2m on turnover of £211m.
At that time the company employed 260 staff