Thu, 05 Nov 2015 | ADMINISTRATION
A building contractor based in Liverpool has entered administration after struggling with financial difficulties over the past year.
W. Braithwaite & Son Limited has worked with a number of blue-chip companies, hospital trusts, councils, banks and universities offering building contractor and shop fitting services.
However, earlier this week (2 November) administrators Andrew Mackenzie and Nick Reed of Begbies Traynor were appointed to wind down the business due to the firm's financial difficulties.
Mr Mackenzie commented: “The majority of the 22-strong staff have been made redundant, but a skeleton staff of seven remains to complete certain contracts.
“The company has a strong reputation and an excellent track record and we are currently looking for expressions of interest for the business and or the assets of the company.”
W. Braithwaite & Son has roots going back to 1899 and employed a complete management team as well as the craftsmen, labourers, decorators and plasterers needed for the work, priding itself on providing a workforce to encompass all trades.
The company will complete the few contracts that the administrators have decided to retain staff to focus on but just what future plans, if any, the administrators have in mind for the business are unclear at this point.
While W. Braithwaite & Son has faced insurmountable troubles, must of the UK's construction sector is on the up at the moment.
The latest Markit/CIPS UK Construction Purchasing Managers' Index (PMI) for October recorded 58.8. While this is a little lower than September's 59.9, it is still well above 50 – the point at which the sector is seen to be expanding.
The PMI data confirmed that input buying rose at its steepest rate for nine months and expansion was seen right across the industry, with housing, civil engineering and commercial all recording growth.
Tim Moore, senior economist at Markit, commented: “Another relatively buoyant construction PMI reading indicates that the sector remains in rude health. Rather than acting as a drag on the economy, as suggested by recent GDP estimates, the sector is continuing to act as an important driving force behind the ongoing UK economic upturn.”
Contact the administrators
View other businesses in administration.
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