BusinessBusiness RecoveryBegbies administrators called to Kinetics

Begbies administrators called to Kinetics

Begbies Traynor partners make severe redundancies at collapsed company following withdrawal of its supplier contracts

BEGBIES TRAYNOR administrators make more than 500 staff redundant at collapsed maintenance business The Kinetics.

Following reorganisation earlier this year, the company was unable to determine the solvency of its four subsidiaries; due to late payments received, and following the removal of its credit insurance the withdrawal of supplier contracts.

Gary Lee, Dean Watson and Neil Mather, partners at Begbies Traynor, were appointed joint-administrators of the company which employs 550 staff across 5 sites.

Lee said: “A range of factors have impacted upon the group’s cash position and uncertainty over the financial position of the group has meant many of its contracts with customers have been placed elsewhere, curtailing the group’s ability to trade on.

“Accordingly, the vast majority of employees have had to be made redundant, with a small skeleton staff retained to finalise the affairs of the group companies,”

Related Articles

Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

6m Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

11m Emma Smith, Managing Editor