Lincolnshire construction business enters administration
Managing directors and insolvency practitioners Duncan Beat and Andrew Watling from cross-border advisory firm Quantuma, were appointed as joint administrators for Lincolnshire-based construction firm C G Godfrey Limited on 27 August 2024.
Established in 1973 and located in West Pinchbeck in Spalding, C G Godfrey provided civil, mechanical and electrical engineering services, specialising in vacuum sewerage systems and deep drainage. The company provided services for a variety of customers including local authorities, private clients, water companies, district and county councils.
Turnover of the company was £4.8m in 2023, however, the company had recently experienced a loss of income of around £300k on two contracts which created cashflow problems that could not be overcome.
The Quantuma team was first engaged in July 2024 to provide advice. A marketing exercise was undertaken by Quantuma to try to find a buyer for the company, either as a going concern, or for the business and assets. Expressions of interest were received, and NDAs signed by a number of interested parties. However, no offers were received, and the company had insufficient working capital to continue trading.
Therefore, the company entered administration on 27 August 2024 and immediately ceased to trade. C G Godfrey employed a team of 23 staff – all roles at the business have been made redundant.
Quantuma managing director and joint administrator Andrew Watling said: “It is deeply regrettable that C G Godfrey has been forced to cease trading, due to a series of challenging circumstances. This was a sad ending for a long-established company. Our thanks go to all of the employees who worked hard during a difficult time and gave the company every chance to find a buyer. But unfortunately, it simply wasn’t to be.
As joint administrators, our immediate priorities have been to provide appropriate support to those whose jobs have been affected.”
