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Thu July 18 2019

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Aspin in administration

6 days Specialist rail contractor Aspin Group has been put into administration little more than a year after it was taken over by venture capitalists.

Aspin was taken over by Sandton Capital Partners for an undisclosed sum in March 2018 after taking an £800,000 hit from the collapse of Carillion. A few months later it brought in Costain director Gren Edwards as chairman and ABC Electrification managing director Graeme Castle as chief executive.

However, on 11 July 2019 the directors of the company called in administrators from restructuring firm Quantuma LLP.

It remains to be seen what has happened to Aspin’s finances in the past year or so. The most recently published accounts show £40m turnover for the 18 months to 31st January 2018 with a pre-tax loss of £10.1m.

A new finance director, Ian Sale, was brought in from the Defence Infrastructure Organisation last year. He resigned the day before the administrators took over.

Founded in 2000 as Aspin Foundations Ltd, the company subsequently acquired McGrattan Piling and RSI Ltd into a group that was consolidated in October 2017 into one company, Aspin Group Ltd, with more than 200 employees. Though it worked on a range of infrastructure projects, rail was its core market.

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A notice on Aspin’s website states baldly:

"On 11 July 2019 the directors of the Company appointed Sean Bucknall and Brian Burke both of Quantuma LLP, 37 Frederick Place, Brighton, BN1 4AE and Andrew Hosking of Quantuma LLP, High Holburn House, 52-54 High Holburn, London, WC1V 6RL as Joint Administrators of the Company.

"The affairs, business and property of Aspin Group Limited (in Administration) are managed by the Joint Administrators, who act as agents of the Company and contract without personal liability. If you have any queries please contact Quantuma LLP on 01273 322400."

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