South Wales-based scaffolding and cladding specialist SHS Group has called in administrators with the loss of over 150 jobs.
The group, which operated mainly in the industrial sector from offices in Barry, Doncaster and Port Talbot, had been struggling with losses for several years.
This was mainly down to poorly performing contracts within its cladding and HVAC insulation divisions.
SHS’s management was winding down the insulation business to concentrate on scaffolding and cladding but ran into severe cashflow problems.
Founding director Paul Smith had explored several options in order to secure the future of his group, either via a re-finance or a sale of the business but failed to secure a deal.
The group has now ceased trading while administrators from Deloitte hold talks with potential buyers for the contracts and assets.
Deloitte’s appointment covers SHS Integrated Services Ltd, SHS Cladding Ltd, SHS Integrated Services (Transmission) Ltd and SHS Insulation Ltd.
The firm, which was established in 1998, worked mainly across the utility, petrochemical and transmission sectors and was expanding into mainstream construction sectors after working at Heathrow Airport and seeing opportunities at Hinkley Point.
It counted Balfour Beatty, Costain, McGee and Laing O’Rourke as clients.
The latest accounts for main group business SHS Integrated Services showed a £2.3m pre-tax loss from revenue of £16.5m in 2015.
from Construction Enquirer http://www.constructionenquirer.com/2017/03/30/150-jobs-lost-as-scaffolding-contractor-collapses/
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