Company sank after nearly 60 years in business at end of April
Geoffrey Osborne collapsed owing trade creditors nearly 拢26m, documents filed at Companies House have revealed.
The historic name, set up by its eponymous founder in 1966, sank into administration at the end of April with the loss of 100 jobs.
In an update by administrator RSM, Geoffrey Osborne Ltd collapsed owing 拢25.8m to trade creditors. Five firms are owed more than 拢1m each.
The update says employees are owed 拢1.4m.while HMRC is owed a further 拢1.8m in VAT.
The statement of affairs also reveals three Osborne related companies, including Osborne Group Holdings, are owed around 拢16m between them. Osborne Group Holdings is owed the biggest amount at 拢8.4m.
In total, the estimated amount owed by Geoffrey Osborne Ltd, including the 拢16m to other Osborne firms, is just over 拢45m.
Osborne, which had a turnover of around 拢90m at the time of its implosion, had been paring back its business in the last few years as part of a restructuring.
It sold its 拢200m infrastructure division, which operated in the roads and rail market, to private equity in September 2021.
And last autumn, it sold Osborne Property Services Limited, which was set up in 2006 and employed around 230 people, to social housing maintenance specialist Cardo Group for an undisclosed sum. Six months earlier it offloaded its Innovar茅 offsite business, which employed 115 people, to Bowmer & Kirkland, also for an undisclosed sum.
As well as offloading parts of its business, the firm had also rejigged its senior leadership in the past few years with chief executive Andy Steele leaving in October 2021, which saw him replaced by former Wates COO Dave Smith as interim boss. He was then replaced by Mark Hoyland, a former boss of social housing firm Orbit, but he only lasted a few months before Smith, who had stayed on in a non-executive role, was brought back to the top job last spring.
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