BusinessBusiness RecoverySimpson & Gregg goes into administration

Simpson & Gregg goes into administration

Company providing electrical and plumbing services to the new build housing market goes into administration

Newcastle-based plumbing and electrical contractor Simpson & Gregg has
gone into administration, with the loss of 92 jobs.

Administrators from Grant Thornton hold out little hope of finding a buyer
for the 61-year-old business.

Insolvency practitioner Joseph McLean told
nebusiness.co.uk:
‘It’s unlikely we will be able to sell the business. The company had run into
cashflow difficulties and it had been unable to purchase materials to complete
some of its contracts.’

Simpson & Gregg operated primarily in the new-build housing market. Last
May, the business owners, mother and son Mary and Peter Gregg, sold the firm for
a seven-figure sum to an investment team headed by Simpson & Gregg managing
director Colin Read. At the time of the sale it employed 120 staff.

The bulk of its work was in short- and medium-term contracts and as it became
apparent it was having difficultes, some of these contracts were terminated.

Related Articles

UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
Sir Phillip Green shifts blame for BHS sale on to advisers Grant Thornton, Olswang and Goldman Sachs

Accounting Firms Sir Phillip Green shifts blame for BHS sale on to advisers Grant Thornton, Olswang and Goldman Sachs

2y Richard Crump, Writer
Due diligence on BHS 'extensive' GT partner tells MPs

Accounting Firms Due diligence on BHS 'extensive' GT partner tells MPs

2y Chris Warmoll, Writer
Insolvency Service to probe BHS director behaviour

Business Recovery Insolvency Service to probe BHS director behaviour

2y Chris Warmoll, Writer
D-Day for BHS CVA vote

Accounting Firms D-Day for BHS CVA vote

2y Chris Warmoll, Writer
BHS landlords query long-term future of distressed retailer

Business Recovery BHS landlords query long-term future of distressed retailer

2y Chris Warmoll, Writer
KPMG prepares CVA for beleagured BHS empire

Business Recovery KPMG prepares CVA for beleagured BHS empire

2y Chris Warmoll, Writer
Disgraced IP Kiran Kumar Mistry jailed

Business Recovery Disgraced IP Kiran Kumar Mistry jailed

2y Chris Warmoll, Writer