Tameside-based Bardsley Construction is in administration, making more than 200 staff redundant.
Bardsley was established in the 1960s and has a head office in Dukinfield, and is on site with projects across the North West and Yorkshire.
Steven Muncaster and Stephen Clancy, both of Duff & Phelps, have been appointed joint administrator of Bardsley Group Limited, Bardsley Construction Limited and Bardsley Construction Holdings Limited
According to Bardsley’s last set of accounts, published in May 2018 for the year ending December 2017, the company has 184 staff, with a turnover of £68.3m, and a pre-tax profit of £1.1m.
Active directors for the company are Emma Allsopp, Jonathan Cocker, Sean Kempley, Michael Nevitt, Ged Rooney, Adrian Rooney, Paul Strutt and Neil Taylor.
According to a statement from the administrators: “The Group has experienced challenging market conditions including the timely delivery of a number of recent projects, resource issues within the sector, contractual disputes with private clients together with new work opportunities being delayed as a result of the uncertainty in the economic and political environment.”
Muncaster said: “We were formally engaged in November 2019 to advise the Group on its current financial position and to facilitate an accelerated merger and acquisition process or seek immediate investment to tide the Group over into 2020 when a number of new orders are expected to come online. Despite a number of expressions of interest no acceptable formal offers have been made for the Group, leaving the directors with no option but to appoint administrators.
“The Companies normally shut down over the Christmas period and as such this timing will enable us to undertake a further review of the financial position of the Group while marketing the business and assets for sale. We will be working solidly over the holiday period to facilitate this.”
The joint administrators said they were looking at a sale of the business and assets of the companies as a going concern in the first instance.
Bardsley has active schemes across the residential, education and commercial sectors.
Projects currently on site in Manchester include the 12-storey Mount Yard residential project at MeadowSide for FEC, set to complete in summer 2020, and the £30m Blossom Street PRS project for Mulbury, due to be handed over early in the New Year.
Bardsley recently completed the redevelopment of Riverside House in Salford for Muse, and last month was announced as the winner of a £11m contract for Tameside College in Ashton-under-Lyne,
The contractor is also on site with a StayCity hotel on behalf of Catalyst Capital at Manchester’s Mason Street.