Building services subsidiary ‘close to buy-out’
London-based specialist HSE Group has fallen into administration with the loss of around 100 jobs.
Six of the group’s seven subsidiaries have ceased trading, but its building services business claims it is close to completing a management buy-out that could save the business and around 120 jobs.
Administrator FRP Advisory was appointed to manage the group and subsidiaries Platignum Environmental, HSE Facilities Management, Elite Lighting Solutions, Elite Control Solutions, HSE Technical Services and HSE Environmental Services on 15 July.
FRP Adivsory said it was in discussions with trade partners to try and continue disrupted contracts.
The group’s latest accounts show it turned over £12m last year and made a profit of £900,000.
A spokesperson for HSE Building Services, its 18 month-old mechanical and electrical fit-out business, claimed the company’s other shareholders would tie up a deal to rescue the business “by the end of the week”. Accounts were not available for the subsidiary.
The building services spokesperson said: “We are continuing to trade normally and we have the support of all our clients and suppliers.”