Collapsed scaffold firm owes £235k to Finance Wales

A SCAFFOLDING firm that was put into administration last week, with the loss of nearly 150 jobs, owes £235,000 to Welsh Government business support body Finance Wales.

SHS Integrated Services, based in Barry, collapsed after a challenging twoyear trading period.

A creditors report is currently being compiled by professional advisory firm Deloitte after being appointed administrators.

SHS Integrated Services was the first company in Wales to receive equity investment from the £2.5bn Business Growth Fund with a £5.4m capital injection to support its growth strategy in 2013.

The business was then known as Swanbridge Hire and Sales (SHS).

In the latter half of 2016, the business negotiated further investment of £1.95m from the Business Growth Fund and other shareholders.

Latest year end audited accounts shows SHS posted pre-tax losses of £2.2m for 2015 on revenues of £16m.

The latest investment from Finance Wales – which backs Welsh small and medium-sized businesses (SMEs) with growth finance – came just weeks before the collapse of the business, although the terms of the loan gave it a charge over the company’s asset including freehold and leasehold properties and plant and machinery.

A spokesperson for Finance Wales said: “We provided loans to SHS Integrated Services (SHS) in 2014 and 2017. “Our current exposure is £235,000. “We have worked closely with SHS over recent months and we are currently working with the administrators.”

Finance Wales is wholly-owned by the Welsh Government.