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Contractor bought out of administration

01 September 2017

FM contractor and building services provider Selwyn Building Services has been purchased for an undisclosed sum, its administrator has announced.

Stating that it had taken just "a few days" to find a buyer for the company, FRP Advisory confirmed the sale of the business but did not disclose the name of the new owner.

The administrator did confirm that all of the 50 jobs "in place at the time of the appointment" had been saved.

Selwyn Building Services were described as employing 112 people at the end of its 2016 financial year at the end of last October, according to Construction News.

Unsurprisingly, considering its recent administration and reduction in staff numbers, the company reported it had "a difficult year" when filing its accounts last month.

Its managing director, financial director and one other board member had left the business since the start of 2017.

It had suffered a pre-tax loss of £153,907 from a turnover of £10.8m, compared with a turnover of £10.4m turnover for the previous year, which had resulted in a pre-tax profit of £60,013.

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