Nottingham business, Gas Container Services Limited, has entered administration, seeing 50 of the 53 roles at the company made redundant, with three remaining in employment to support the closure of the business.
Based across two sites in the Colwick Industrial Estate, Gas Container Services Limited provides a range of products and services for the testing, refurbishment, storage, transportation, and filling of gas cylinders.
The company has experienced significant financial challenges through the course of the COVID-19 pandemic. This has been largely due to the decrease in demand from its customers across the hospitality sector that have been closed following Government guidance for much of the past year.
John Lowe and Philip Pierce, partners at specialist business advisory firm FRP, were appointed Joint Administrators of Gas Container Services Limited on 9 April 2021, and are now actively looking for a new buyer for the business.
John Lowe, partner at FRP and Joint Administrator of Gas Container Services, said: “The COVID-19 pandemic has had a significant impact on businesses across the UK. The closure of hospitality firms throughout the pandemic has put substantial pressures on those in the supply chain, including Gas Container Services.
“We are now looking for potential buyers of the business as it has been unable to meet its financial obligations and has become insolvent. Our focus now remains on continuing efficient communication with creditors as part of our statutory duties while working with the staff to help them access the appropriate redundancy support.”