Stephen Shaylor
West Midlands contractor Shaylor Group has collapsed into administration.
Administrator FRP Advisory confirmed that it was appointed to handle the firm’s affairs today, after around 200 employees were made redundant when the business ceased trading on Friday last week (14 June).
FRP said Shaylor Group had suffered “severe cashflow pressures” in recent weeks, with several projects being delayed. It is understood that the company sent staff and subcontractors home on Friday and locked up sites, having filed a notice of intention to appoint administrators in court last week.
Just a handful of Shaylor staff have staying on at its Walsall office to assist with the administration.
Raj Mittal, partner at FRP Advisory in Birmingham, said: “Despite the efforts of the directors, the financial issues facing the company were not able to be resolved and resulted in the decision to place the business into administration.
“Our immediate priority is now to support those affected and work closely with the Redundancy Payments Service to ensure that employees receive every support at this difficult time. We will also be working closely with clients to ensure the smooth transfer of sites.”
Among the contracts Shaylor was working on was the £19.3m Silverstone Experience, due for completion this year, involving the construction of a new visitor centre to bring to life the history of Silverstone and British motorsport.
It was also involved in the construction of the £28m Gilders Yard build-to-rent scheme in Birmingham, which involves the restoration of the former J Ashford & Son jewellery factory in Birmingham and the construction of two new apartment buildings for developer Grainger.
In its most recently filed annual accounts, lodged at Companies House, Shaylor Group had a turnover of £141.8m for the year to 30 September 2018, making a pre-tax profit of £7.6m.The business claimed to have £61.7m worth of assets, including £8.6m in the form of cash in the bank and in hand, while the amount it owned to creditors falling due within a year was £40.5m, resulting in net assets of £21.2m.
In his director’s report for 2018, chief executive Stephen Shaylor called 2018 a “progressive” year and highlighted that the firm had “robust” levels of liquidity and was in credit rating agency Experian’s “very low risk” category, while revenue visibility for the future looked “very healthy”.
