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Forrest Limited falls into Administration

10 December 2018

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This Bolton-based company has provided refurbishment, construction and energy services to customers since 1955. 230 people are employed.

In March of 2017, the company was refinanced, as a solution to cash pressures following some losses on refurbishment contracts.

It comes to our attention today that now administrators have been appointed.

Anthony Collier, joint administrator, explained how the company is facing unresolvable issues leading to unhealthy financial situations, despite the best efforts of the directors to turn it around.

64 jobs have been preserved and continuity in the refurbishment and energy divisions remain, from the agreed sale to Engie Regeneration Limited.

The construction and housing elements of the company have failed to secure a sale. Stakeholders are working alongside the administrators to deal with the winding-down of these, orderly.

Simultaneous to this process, with managements help, many employees have been helped to find alternative employment within the industry. Work with agencies, including the Redundancy Payments Service, intends to continue to ensure full support is given to employees at this time.

This collapse is unexpected. Last Month, developer Salboy removed Forrest from their Citu NQ project. Additionally, Elliot Group replaced Forrest with Vermont, for their £100m Aura scheme in Liverpool.

Palatine Private Equity back Forrest Limited. At the last financial restructuring, CEO, Lee McCarren was replaced by Ex- Carillion Managing Director, Mark Nicholson.

Is your company affected by this?

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