GB Building shock administration
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GB Building went into a shock administration according to workers on sites in northern England.
A announcement by the administrators is expected soon but the subcontractors and staff were left stunned by the news that the company had gone.
One subcontractor commented : “We got paid only a week ago and it seemed like things were going along fine on the job.Then last night a security team suddenly turned up at last knockings and locked everything up.”
Apparently the companies chairman Martin Smout yesterday who was trying to put a financial rescue deal together with the company’s bankers to save the business.
The subcontractor said: “It seems they were working hard to sort something out but it hasn’t happened.”
GB Building carry’s out work mostly in care homes, student accommodation, residential, hotels and leisure, education and commercial.
Latest accounts for the 18 months to December 2013 show the GB Group made a pre-tax loss of £1.2m on turnover of £211m and employed 260 staff.