Mansfield building firm Baggaley calls in administrators

Baggaley office The Mansfield firm employs 104 people

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."

More on This Story

The BBC is not responsible for the content of external Internet sites

BBC Nottingham

Weather

Nottingham

Min. Night -1 °C

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.