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Sat June 15 2024

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Britspace goes into administration

16 Aug 11 Modular building manufacturer Britspace is trying to trade its way through administration while a new owner is sought.

The company was taken over by venture capitalists TTC Ventures on 17 June. On 15 August TTC put the business in administration.

Based at Gilberdyke in East Yorkshire, Britspace Modular Buildings Ltd specialises in off-site manufacturing by supplying modular buildings and bathroom pods to buildings such as schools, hotels and hospitals.

All 200 employees have so far been kept on as Britspace as insolvency specialists from FRP Advisory attempt to sell the business as a going concern.

FRP partners David Thornhill and Geoff Rowley are joint administrators for the business

Mr Thornhill said: "The company has suffered significant cash flow difficulties over the last few months and, despite receiving significant orders, has been unable to fulfil all customer requirements.

"To protect the business, Britspace has entered administration; currently no redundancies have been made and it continues to trade as a going concern. We are working hard with Britspace's management team to find a buyer for the business, and are hopeful that it will attract a number of interested parties."

Britspace was founded in 1972 and supplies a wide range of industries.

In the past five years, the company has delivered more than 10,000 modular buildings to the commercial, custodial and health sectors alone.

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