London-based specialist rail and underground infrastructure contractor Metropex Group has entered administration.
The contractor was founded in 2003 to carry out specialist concrete, brick and stone work on the London Underground and has also worked on projects at Gatwick Airport, Birmingham New Street station and Crossrail.
Administrators from Begbies Traynor were appointed to Metropex Group by the company directors on 5 December, after it stopped trading on 21 November.
Begbies Traynor said “challenging trading conditions in its chosen markets and a significant loss from one of the company’s major contracts” were responsible for Metropex Group entering administration.
Joint administrators Neil Mather and Kirstie Provan said they would investigate the affairs of the contractor “with the aim of maximising the realisation of assets for creditors”.
According to construction credit reference agency Top Service, Metropex Group’s most recent accounts revealed its tangible net worth fell to £42,000 in May 2012, from £446,000 in May 2011.
In May 2012 it reported total assets of £1.83m against total liabilities of £1.78m.
The contractor focused on projects ranging from £50,000 to £3m in value, according to its website.
In December 2012, Metropex Group listed 11 current projects in London, the South and the Midlands, including a £1.1m block work contract at Birmingham New Street station.
According to its website, the contractor does general building work, minor civils and internal and external fit out and specialises in concrete, brick and stone repair, specialist cleaning and coatings, fire stopping, suspended ceilings and surface mounted tactiles.
Metropex Group was unavailable for comment.