Mansfield building firm Baggaley calls in administrators
- 2 February 2013
- From the section Nottingham
A Nottinghamshire construction company has called in the administrators due to "financial stresses" and "ongoing losses".
Herbert Baggaley, based on Melton Way in Mansfield, was founded more than 100 years ago and employs 104 people.
Administrators KPMG said despite efforts to turn the business around, directors felt they had "no choice".
A KPMG spokesman said a "number of loss-making contracts" had led to the decision to appoint the administrators.
Chris Pole, joint administrator and restructuring director at KPMG, added: "Unfortunately the business has been under financial stress for some time due to a number of loss-making contracts and the continuing difficulties experienced in the construction sector.
"Despite a management buyout last year and efforts to restructure and refinance, this difficult position has been compounded by ongoing losses and unsustainable cash flow pressure.
"The directors were left with no option but to seek the appointment of administrators.
"We will now rapidly be assessing the options for this well-known business."