Administration · 9 March 2015

GB Building Solutions

Main contractor · Sunbury on Thames · South East England

What happened

GB BUILDING SOLUTIONS LIMITED (company number 05419658), incorporated in 2005, entered administration on 9 March 2015. Its status at Companies House is now: dissolved.

Why it failed

Rectification costs on legacy contracts and delayed retention payments strained cash flow; the bank and shareholders declined further support and no buyer or investor was found.

Main reason: Losses on contracts
Cash flow
Clients not paying or failing
Funding withdrawn
Sale or investment failed

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.

Previously known as: GLEESON BUILDING LIMITED, CHOQS 448 LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

31 December 2013
Last accounts filed were made up to this date
15 months later
9 March 2015
Administration started
7 years later
10 March 2022
Administration ended

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Dec 2013: £200.4m; Accounts at Companies House
Profit before tax, year to Dec 2013: £436k; Accounts at Companies House
Staff, year to Dec 2013: 236; Accounts at Companies House
Net assets, year to Dec 2013: £9.1m; Accounts at Companies House
Owed to suppliers and subcontractors (estimated), as at 9 March 2015: £30.3m; HMRC owed £298k; Statement of affairs (trade creditors)

The last accounts filed were full accounts made up to 31 December 2013, 14 months before it went into administration.

The full filing history, including any late filings, charges and director changes, is on Companies House.

Lessons learned report

We're writing plain-English reports on major construction failures: who was involved, why it happened, the warning signs and how long they were visible, and what to look out for next time.

In the news

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