Metalworks Liverpool June 2019 1
The company was on site at the 319-apartment Metalworks in Liverpool

Goodwin’s is latest contractor to go bust 

Dan Whelan

The Manchester-based construction firm, founded in 2014 and part of the Goodwin Group, has appointed FRP Advisory as administrator, leaving 30 staff redundant.

A statement from the administrator said: “Following several project delays as a result of the coronavirus pandemic, the company had faced significant cashflow difficulties in recent months.” 

FRP administrators Yasmin Bhikha, John Lowe, and Anthony Collier are handling the case.

Lowe said: “Goodwin’s Construction Services was a strong business, but unfortunately the challenges facing the business left the company with no option other than to appoint administrators as it was unable to generate the cashflow to remain solvent.”

Goodwin’s directors Keith Goodwin and David Glynn Isaac stepped down earlier this month, leaving Richard Goodwin as the sole director of Goodwin’s Construction Services Group. 

As administrators were appointed this week, Goodwin’s was on site at the Metalworks, a 319-home development on Liverpool’s Leeds Street.

The firm’s most recent financial results, for the 12 months ended 30 June 2019, showed profit reserves of £1.1m as well as £1.7m of cash reserves.

In January this year, the firm hired 12 staff from collapsed contractor Bardsley. A statement on Goodwin’s website at the time said: “Despite the latter half of 2019 seeing a 55% rise in construction insolvencies, Goodwin Construction continues to grow at a steady pace as we seek to establish ourselves as the region’s leading main contractor.”

The firm, previously based at Cheadle Royal Business Park, changed its address to Manchester Business Park at the end of October. 

This followed a change of name from Goodwin Construction Group to Goodwin’s Construction Services Group. 

Goodwin’s has also been contacted for comment. 

Goodwin’s is the latest North West firm to go into administration after a dismal past two years for construction. CPUK, Cruden Construction and Harry Fairclough followed suit have all appointed administrators this year, following the collapses of Marcus Worthington & Company (the construction division of Marcus Worthington Group), Pochin and Bardsley Construction in 2019.

Bolton-based Forrest collapsed in late 2018.

 

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Heartbreaking, especially for the guys who joined from Bardsley.

By Lee