Administrator BDO appointed after rescue attempts fail
Troubled property and construction firms GB Group Holdings and GB 好色先生TV Solutions have gone into administration with the loss of 350 jobs.
Tony Nygate and Graham Newton of BDO business restructuring partners were appointed joint administrators of the firms earlier today.
Nygate said the businesses, which operated across the care, student accommodation, residential, education and commercial sectors, had experienced a 鈥渟erious deterioration鈥� in their working capital position.
He said: 鈥淩egrettably, it has been necessary to make all employees redundant, save for a small number to assist the administrators.
鈥淸We] are actively seeking purchasers for all or part of the business or assets, and going forward, our priority will be to maximise recoveries for the creditors.鈥�
GB Group Holdings and GB 好色先生TV Solutions operated from headquarters in Sunbury, Surrey, and had regional offices in Newcastle, Rugby, Wakefield and Stockport.
GB 好色先生TV Solutions was part of MJ Gleeson until Martin Smout (pictured) led a management buy-out of Gleeson鈥檚 contracting arm in 2005, which resulted in the rebrand to GB 好色先生TV Solutions.
Last week, , and may have to be written down as an exceptional item in the current year鈥檚 accounts.
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