£4.5 Million Losses: Teesside Accountancy Firm Crashes into Administration

Financial Firm with Teesside Office Enters Administration Amid ‘Going Concern’ Warning

8th April 2026

An accountancy and tax advisory firm with a presence in Teesside & County Durham has formally entered administration...

SKS Bailey Group Limited, which operated from offices including Wynyard Business Park in Billingham, appointed joint administrators on the 24th of March 2026, according to a notice filed at the High Court of Justice in London..

The company, which described its activities as “accountancy, tax and compliance,” had a network of offices spanning the North East and beyond, including sites in Billingham, Consett, Redcar, Gateshead, Ilkley and Scunthorpe.

Administrators Andrew Tate and James Hopkirk of Kreston Reeves LLP have now taken control of the business as efforts begin to assess its financial position and determine its future.

Mounting losses and financial concerns

Financial documents filed prior to the administration paint a troubling picture of the firm’s performance, where accounts covering the period to the 27th November 2024 show the business recorded a loss of over £4.5 million, following a previous year loss of nearly £2.5 million.

The company’s balance sheet also revealed significant liabilities, with total debts exceeding £11 million, while overall equity had fallen deep into negative territory. Auditors who prepared its most latest financial statements reported that they'd already flagged “material uncertainty” around the company’s ability to continue as a going concern, warning that its future was dependent on restructuring efforts or a potential sale of the business the firm’s Wynyard Business Park office in Billingham understood to have been one of its key regional bases, serving businesses across Teesside and County Durham.

While the company’s registered office was listed in Richmond, its operational footprint suggested a strong presence in the North East — meaning the administration could have local implications for clients relying on its services.

It is not yet clear how many jobs may be affected or whether parts of the business will be sold.