Geoff Jacobs and David Standish from Interpath Advisory were appointed joint administrators to Sterling Services Limited on 20th April 2023.
Sterling Services was established in 1997 in Somerset. In recent years, it had worked on building projects including the City of London Academy, the Jersey International Finance Centre and One Capital Square in Cardiff.
While the company鈥檚 performance had been positive in recent years, the administrators said, the impact of wider group cashflow pressures and cross guarantees ultimately resulted in additional liabilities arising and no access to ongoing funding.
Sterling鈥檚 parent company, Garenne Construction Group Ltd and sister company Camerons, both of the Channel Islands, collapsed into administration earlier this month. [See our previous report here.]
Sterling's financial position declined to the point that it was unable to continue trading.
Most of the 45 employees have been made redundant, with one employee retained by the joint administrators temporarily to help with paperwork.
Geoff Jacobs, managing director at Interpath Advisory and joint administrator, said: 鈥淎lthough the business has ceased to trade, it has a well-established infrastructure, a strong customer base and there may be an opportunity for parties who can move quickly to acquire the business and assets.聽 We would recommend that any parties who have an interest in the business or its assets should contact the administrators in early course.鈥�
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