Tue, 25 Jun 2019 | ADMINISTRATION
A construction company based in Port Talbot has fallen into administration after citing a number of loss-making projects and tough trading conditions as the reason for its downfall.
Established in 1980, Jistcourt was forced to call in professional advisory firm Begbies Traynor to handle the administration process, with partner Huw Powell appointed as the main administrator.
Powell noted that Jistcourt experienced a series of cash flow difficulties, and believed “challenging, loss-making projects” were the reason for the company’s failure.
“Despite a strong order book, this has left the business with a legacy of debt and no way of rectifying the situation,” he said. “Together with the remaining staff, Jistcourt’s directors will be working with clients on remaining live projects to bring them to a workable conclusion.”
Operating offices in Bristol and south-west England in addition to its headquarters in Wales, the family-run business specialised in local authority developments and projects with housing associations.
However, following the recent Dawnus and Clovemead administrations, it appears the sector is facing challenging times, leading to the ultimate collapse of Jistcourt.
Its managing director, Rob Norman, commented: “After a few difficult years in business, we are unable to continue trading.
“We will be contacting all creditors in the coming weeks […] I would like to thank my loyal staff, family, and friends for supporting us throughout the years.”
Despite the administration, and the company’s plans to minimise the impact of the insolvency on the local economy, ongoing regeneration projects in Neath Port Talbot would not be affected as the county borough did not have any contracts in place with Jistcourt.
For more news stories about administrations click here. For all our administrations listings, click here.
The company was originally founded in 2017 to provide domestic and commercial heating and electrical services in the Essex, East London and surrounding area.
LEASEHOLD
This is a retirement sale. Owner financed. Ideal for full refurbishment. Home based. Small business. Company for sale. Unique business. Attractive business. Established business. The website is the business being sold. Producing an income of £3000...
Offers a comprehensive range of building services for commercial and private clients throughout South East England. Has the capability to build high-quality houses and extensions, as well as undertake refurbishment and conversion works. Works with a...
LEASEHOLD
20
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
19
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
18
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
27
|
May
|
Ralph & Russo’s future in doubt after deal collapses | ADMINISTRATION
The future of luxury fashion brand Ralph & Russo is in doubt...
03
|
Mar
|
Fazenda restaurant group acquired from administrators in pre-pack deal | BUSINESS SALE
The Yorkshire-based Fazenda restaurant chain has been acquir...
18
|
Jun
|
Hotel chain Suite Hospitality enters administration | ADMINISTRATION
Suite Hospitality, which operates hotels in Exeter, Windsor ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources