Updated: 21st September 2016
A company that has long been providing demolition services throughout in the North West of England has been entered into administration after succumbing to serious financial difficulties in recent weeks.
Walter Forshaw is based in Westhoughton in Bolton and was founded as long ago as 1921 but the family-run business now faces an uncertain future with administrators having been appointed to manage its affairs.
There are a total of 60 people employed by the company, which is among the largest services providers of its kind operating in Lancashire and the North West.
However, its financial difficulties have proven too challenging to overcome despite efforts being made to turn around the company’s fortunes over recent months and years.
Three generations of the Forshaw family have been in charge of the Bolton-based company during its history but administrators will now be obliged to establish what the future holds for the business.
Demolition jobs worked on by Walter Forshaw in recent years have seen it destroying several tower blocks in Salford and removing the roof of Manchester Victoria train station, which has been undergoing substantial renovations in recent years.
Since 2013 the company has worked with some of the biggest names in the UK’s construction and property development industry, including the likes of Laing O’Rourke and Morgan Sindall.
According to the Bolton News, the company was also involved in demolishing an Exide Battery factory in Over Hulton and a building that had until recently formed part of Bolton College’s Manchester Road campus.
There had apparently been some sense of optimism for the future among Walter Forshaw’s bosses over the course of the past few years, with statements attached to its 2014 accounts suggesting that the year had seen a “great improvement” in financial performance.
Those company statements also said that during 2014 “both gross profit margin and turnover have increased during the period, indicating the company is heading in the right direction in fulfilling their long-term plans”.
However, there were also notes of caution expressed at that time with “liquidity, interest rates and credit risk” cited as the “principal risk and uncertainties” surrounding the organisations financial position and its prospects.
Walter Forshaw representatives have yet to make any public comment on their business’ situation but Manchester-based administrators are known to have been appointed to manage the company’s affairs. With 85 offices stretching from Inverness down to Exeter, Real Business Rescue can offer unparalleled director advice across the UK.