Mon, 25 Jan 2016 | ADMINISTRATION
Construction company CJ Pryor has been forced to put itself up for sale following a cashflow crisis.
The Harlow-based company has filed an intention to appoint administrators and FRP Advisory have been brought in to handle the distressed business while it looks for a new owner with the cash to see it through tough times.
FRP confirmed that the problems have been caused by a “severe short-fall in working capital”, adding that management have been forced to send home most of the workforce while exploring their options for a viable future for CJ Pryor.
The firm has been trading for nearly 70 years and has been involved in various major infrastructure projects and construction contractor jobs. It specialises in earth moving and civil engineering services, including road building and reservoir construction.
While most of the team have been sent home at the moment, FRP Advisory are anticipating maintaining a core team of 15 to 20 staff, unfortunately letting the remainder of its current 70 staff go.
FRP added: “The business is currently working with FRP Advisory, the business advisory firm, as it continues to liaise with customers, suppliers and staff and market the business for sale.
“Management would like to thank staff for their hard work and understanding during this period of transition.”
View the latest businesses in administration.
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