Tue, 07 Jul 2015 | ADMINISTRATION
Historic construction company Fairhurst Ward Abbotts has entered administration following “severe cashflow difficulties”.
The business, which is based in Dartford, Kent, has appointed Begbies Traynor as administrators and it is thought that some 250 jobs will be lost as the business is wound down.
A spokesman for the administrators said that the cashflow troubles for the firm had “arisen primarily as a result of trading losses being incurred within certain divisions of the company”.
They added that the directors have been seeking new funding but no investment has been forthcoming and the difficulties were made worse when a creditor filed a winding-up petition against the company.
Sources have indicated, however, that some of the problems could also have been internal with the company appearing to have “lost control across the board” following a period of rapid expansion, The Independent reported.
Fairhurst Ward Abbotts was founded in 1941 and has worked on numerous valuable buildings around the country. Its latest high-profile job was on the restoration of Bletchley Park where Alan Turing worked to break the German 'Enigma' code.
Other work has been done on the National Gallery, the V&A Museum, Chatsworth House in Derbyshire and the Houses of Parliament.
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