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.
A specialist in floor and wall finishing capabilities, offering a range of services to its clients, including floor screeding, plastering,rendering and underfloor heating.Established for over 40 years and highly regarded within its community. Serves...
LEASEHOLD
Outstanding business with serious profits for working owner or managing group. Full Account history available. Long established trading name and with outstanding reputation in the region for Quality of Service and Products. Business split between fen...
FREEHOLD
Established 30 years, this is a well organised manufacturer of Specialist Building Components predominantly for the school, hospital and commercial property market. Excellent fabrication facilities and fully equipped workshop the highest standard. Lo...
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
09
|
|
Oct
|
South Wales furniture maker collapses into administration | ADMINISTRATION
Thought to be one of the top furniture manufacturers in the ...
|
07
|
|
Oct
|
Prominent Bristol construction company plunges into administration | ADMINISTRATION
An acclaimed construction company operating in southwest Eng...
|
25
|
|
Jul
|
Welsh construction contractor selling assets | ADMINISTRATION
Administrators for the Port Talbot construction contractor J...
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