Up to 350 employees made redundant as construction group goes under administration

A total of 350 jobs have been lost as a £200m-turnover construction group in Surrey entered into administration, a recent news report in the local business media has been able to reveal.

GB Group Holdings Ltd and GB Building Solutions Ltd experienced trading and cash flow issues and were not able to secure the necessary funding in order to safeguard their future. Tony Nygate and Graham Newton of BDO were appointed administrators of GB Group Holdings Ltd and GB Building Solutions Ltd on 9 March 2015.

BDO business restructuring partner Tony Nygate commented: "The companies experienced a serious deterioration in their working capital position and as a result were unable to continue to operate.

"Regrettably, it has been necessary to make all employees redundant, save for a small number to assist the administrators.

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