Helm Construction, a Bristol-based building company has fallen into administration, while still owing £3m to its suppliers.
In a statement on the Helm Construction website, it read: “The business and assets of the company are now managed by the Administrators. Please note that the Administrators are agents of the company and act without personal liability.”
Steven John Park and Trevor John Binyon of Opus Restructuring LLP were appointed as the joint administrators of the firm.
The administrators commented: “A number of interested parties have engaged with the administrators regarding acquiring the business, or some of its key contracts, but no sale has been concluded, as yet. The Joint Administrators are continuing to engage in discussions.”
Over the last month, several of the businesses within the supply chain have come forward with the issues they have had with Helm.
Building recruitment agency, Darcy Associates revealed that they were owed £78,000; and SN Brickworks said it was still owed £25,000, and had been forced to sack eight members of its team as a result (source: BBC).
Senior management at Helm Construction has declined to comment.
More to follow.