London based M&E contractor Edge DBS Ltd has gone into administration.
Stunned staff were given the news last Friday and a raft of suppliers now fear they will be left holding worthless invoices.
The firm’s website is no longer working and one member of staff wrote on LinkedIn: “Current employer who I have been with for over three years went into liquidation without warning today. Now actively seeking new role.”
Quantuma Advisory Appointed as Administrators
Administrators Andrew Andronikou and Brian Burke of Quantuma Advisory Limited are now in charge of the company.
Construction Enquirer has reported that one of Edge DBS’s largest contracts was at the London South Bank University upgrade programme.
A site source said: “A lot of people have been strung along there and a lot of people are very unhappy about how this has panned out.”
Edge DBS has been in business since 2008 and the director with significant control is David Smith.
Companies House records show Smith has more than 20 active company directorships.
Latest accounts for Edge DBS for the year to May 31 2020 show it made a pre-tax profit of just over £1m from a turnover of £21.4m and employed 18 people.
The accounts also show the amount owed to trade creditors had risen to £7.4m from £1.8m the previous year. Bibby Financial Services Ltd was supporting the business with Invoice factoring after a charge was created on March 30th 2022.
This news comes on the back of Cowgills have been appointed as administrators to Mid Group
With over three decades of experience in the business and turnaround sector, Steve Jones is one of the founders of Business Insolvency Helpline. With specialist knowledge of Insolvency, Liquidations, Administration, Pre-packs, CVA, MVL, Restructuring Advice and Company investment.