The regional contractor, operating throughout the South West of England, developed social and affordable housing for local authorities and housing associations, as well as private housing, education developments, and commercial builds, was forced to go into Administration on Wednesday, 17 November 2010. Tim Ball, business recovery partner of accountants Mazars, has been appointed as joint administrator and is seeking a buyer for the business.
The business, which was established in 1985 and underwent a change of ownership in 2008, had been experiencing cash flow difficulties and difficult trading conditions due to the recession for some time. A new finance director was brought in by managing director Paul Kimptonlast year but the company was unable to keep debts under control.
Tim Ball commented: “It is very sad to see an independent company fail in this way and it is very much hoped that a buyer can be found for the benefit of its customer base and its creditors. Any interested parties willing to purchase all or part of the business should contact me as soon as possible”.