Wed, 15 Feb 2012 | ADMINISTRATION
Administrators are searching for a buyer for Tewkesbury construction firm, the JP Group, after it fell into administration.
The company specialises in the construction of corporate premises such as office blocks and car dealerships, as well as petrol stations. Nigel Morrison and James Stares from Grant Thornton have been appointed to run the company and explore all options for its future.
A statement from the administrators said that the company had faced a testing few years, with a significant drop in the number of big contracts.
“The business has suffered in recent years due to the reduced investment projects amongst its major customers such as BP, Shell, Tesco and Morrisons, as well as from the general downturn in commercial property investment,” the statement said. “The joint administrators are currently looking at the viability of the company's existing contracts with a view to maintaining a reduced workforce to complete ongoing projects, subject to successful negotiations with customers.”
The company is headquartered in the Green Lane Business Park in the Gloucestershire town and employs around 100 people. The company was set up in 1969 by chairman and chief executive John Parrott and had a turnover of around £11 million in 2011.
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