Hundreds of jobs are feared lost after the collapse of Heywood-based roofing specialist, Avonside.
The firm employs 450 staff, and has around 1,200 contract laborers on its books.
But insolvency specialists, Begbies Traynor, said today (September 8) that 30 of its 39 branches are to close, with the loss of many jobs.
Only nine branches have been saved as part of a buyout, which will preserve 79 jobs.
Avonside was founded around 25 years ago and operates in a range of sectors, including local authority, social housing, residential, Slot education, healthcare, facility management, and public sector framework.
The group also installs plumbing, heating and solar power on behalf of housebuilders.
It was badly impacted by the pandemic and required extra working capital.
However, its current lenders and financial backers were unable to provide the required funds, and a sale process last week failed to find a suitable buyer, leading to the group’s administration.
A spokesman for Begbies Traynor said: “Kirstie Provan and Gary Shankland were appointed as joint administrators to Avonside Group Services Limited, along with a number of trading subsidiaries including Avonside Roofing Limited (together the group) on September 7, 2022.
“The group, which is the largest roofing contractor in the UK, provides specialist roofing, energy and plumbing services to the UK’s housebuilding industry, operates 39 branches across its three divisions, Avonside Roofing, Avonside Energy and Avonside Plumbing.
“The group experienced a period of Slot Gacor Hari Ini trading during the pandemic which, alongside margin squeeze, the impact of underperforming divisions and financial reporting issues, resulted in a requirement for extended working capital facilities.
“Despite extensive efforts by the management team, shareholders and advisors, the group has been unable to secure the necessary funding from existing stakeholders, or third parties, to effect the required turnaround and enable continuation of trade in the current form https://splex.com/slot-gacor/.
“Following an accelerated sale process, the joint administrators have secured the future of nine Avonside Roofing branches, preserving 79 jobs via an administration sale to an industry buyer, which will see this part of the business continue as a going concern.
“Despite a positive outcome for a number of the group’s roofing branches, the difficult macro-economic backdrop and market conditions meant that the joint administrators were unable to find suitable buyers for the remaining roofing and plumbing sites within the group and, as such, all remaining roofing and plumbing branches are expected to be closed imminently.
“The group’s energy division continues to operate out of its seven branches whilst negotiations continue to sell this division solvently. Negotiations are advanced and it is hoped that these will be concluded successfully over the next 24 hours.”