Leicester contractor is liquidated
Twenty-three construction jobs have gone with the collapse of Leicester-based building contractor Philip James Ltd.
Situl Raithatha of Springfields Business Recovery & Insolvency has been appointed liquidator of the company.
Philip James Ltd was established in 1946 and incorporated in 1970. It carried out a wide range of building and maintenance work on a national basis.
Managing director David Lowe said: “The business has suffered due to the general downturn in the building and construction sector and like many other contractors it has found it very difficult to secure economically viable contracts. We have done our best to keep the business going since the downturn but despite our best efforts we have not been able to keep it afloat. We are really disappointed and personally it is a sad day for me having worked for the business for over 45 years.”
Liquidator Situl Raithatha added: “Due to the difficult trading conditions the company has experienced severe cash flow difficulties and in the absence of sufficient funding has been forced to close down and make all the staff redundant. Our strategy is now to maximise realisations from the company’s assets for the benefit of the creditors.”
Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.
This article was published on 4 Jul 2012 (last updated on 4 Jul 2012).