Coventry construction firm Benfield, part of the KB Benfield Group, has gone into liquidation with the loss of 22 jobs.
Other parts of the group, which includes Benfield Homes, have not been affected by the liquidation.
Group chairman Clive Benfield told the Birmingham Post: “It is a very sad day for everyone connected with Benfield Construction which has been a successful and well-regarded part of the KB Benfield group for the past 15 years.
“As everyone knows, construction, and contracting in particular, has been very hard hit by the recession and we are no exception to those market conditions.
“On top of that testing environment we have had to weather a single bad debt of around £140,000 and have been involved in two disputes which have wiped more than £400,000 from our cash flow.
“We put Benfield Construction up for sale and had expressions of interest from five parties but we reached the stage when we simply could not direct further money from Benfield Group into the company to prop it up.
“That situation coupled with the lack of work in the market has left no alternative than to put the company into liquidation.
“The KB Benfield Group, which includes our property investment company and Benfield Homes, continues to trade well and with a return of confidence in the housing market we are hoping for a better 2010.”
Benfield is a former chairman of the Construction Confederation.
Accountancy firm Mazars has been appointed as liquidators of Benfield Construction. Lawyers Naismiths are looking at the company’s order book and assets.
Benfield Construction was established in 1992.
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