Clevedon construction firm hunts for buyer following administration
DB Russell Construction, which is located in Alexandra Road, was forced to file for administration following financial problems as a result of the economic downturn.
The firm specialised in developing social and affordable housing for councils and local housing associations, alongside private sector work including commercial projects and education developments.
Established in 1985, the regional contractor operated across the South West prior to its administration last week.
Business recovery partner at accountants, Mazars, Tim Ball, has been appointed joint administrator for DB Russell Construction. Ball is now on the hunt for a buyer for the firm.
He said, “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.
“DB Russell Construction is a highly successful business with a very good reputation. The recession has obviously not helped the business but the main reason it failed was that two years ago new owners acquired the company, but had to borrow heavily to do so,” Ball said.
The firm is rumoured to have debts of almost £2 million - £900,000 of which it owes to companies it had sub-contracted work to.
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