Kinetics goes bust again

Grant Prior 14 years ago
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Housing maintenance specialist Kinetics Group is going into administration for the second time in as many months.

More than 600 shellshocked staff were told the bad news this afternoon that Kinetics will cease trading.

The firm first went into administration last month when 273 staff were laid off.

The Enquirer understands that Kinetics owed £8.4m to the HM Revenue & Customs and £5m to subcontractors and suppliers when it first went down.

But original administrator Zolfo Cooper arranged a prepack deal with a company called SCP Renewable Energy for the salvageable parts of the business.

The firm continued trading under the Kinetics name after shutting down the northern operations and focusing on the Midlands and South were it had a £70m turnover.

The company continued to be run by the management team led by chief executive Chris Cheshire.

Accountant Begbies Traynor is expected to be appointed to handle the latest administration just weeks after the company was “saved”.

One worker told the Enquirer: “We were all gathered together today and told that the company would cease trading.

“Things have been pretty grim here for a while but it’s still a shock.

“I’ll be out of pocket because I’m owed wages and so will hundreds of others.”

A Zolfo Cooper spokeswoman said: “We have heard Kinetics has gone again but we are no longer involved.”

Calls to the company today were placed on constant hold.

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