Begbies Traynor has been appointed administrator for the Metropex Group, a rail and underground construction specialist company based in London. Founded in 2004, the company has worked on the underground, providing stone and concrete for the rail structure as well as completing projects for Gatwick Airport and Birmingham New Street station. The Group revealed it has secured contracts between £50,000 and £3 million over the years, however trading stopped last month, from the 21st November 2013.
Metropex has been struggling to stay afloat since losing a significant amount of work from a contract and facing ‘challenging trading conditions’. Begbies Traynor will review the business and assets, focusing on ‘maximising the realisation of assets for creditors’. 2012 accounts show assets stood at £1.8 million with liabilities of over £1.7 million.
We are not involved in the administration and questions should be directed to Begbies Traynor who are handling the administration.
If you are an employee of the business, and you're worried about what might happen in the future, then please listen to the video below as it will tell you your rights as an employee of a insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.