Bardsley collapsed owing £45m to unsecured creditors
Manchester-based contractor Bardsley owed unsecured creditors £45m when it collapsed before Christmas, an administrator’s report has revealed.
According to the report, Bardsley Construction owed £30m to unsecured creditors, Bardsley Holdings owed £10.9m; Bardsley Group owed £3.2m.
The £68m-turnover company appointed Duff & Phelps as joint administrators on 20 December when it could no longer pay its liabilities or continue to trade.
Immediately upon entering administration, its 200 staff were made redundant. Employees were paid up until 20 December, which significantly reduced claims for preferential creditors, who are owed £220,000.
Challenging market conditions, resource issues within the sector, and contractual disputes with private clients led to the company’s downfall. The report also said new work opportunities were delayed as a result of political and economic uncertainty.