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.
Supplies and installs high-quality fencing solutions for clients operating within the transport, construction, agriculture, property and commercial sectors, as well as for private individuals across the UK.
LEASEHOLD
A highly profitable home improvements business based in Norfolk providing the retail and installation of windows, doors, conservatories, orangeries and more.
LEASEHOLD
Established for over 55 years, earning a well-respected reputation due to its strong service offering. Has a strong pipeline for the coming year, with projects valued at approximately £3m.
LEASEHOLD
|
13
|
|
May
|
Shopping centre business put up for sale | BUSINESS SALE
A West Yorkshire shopping centre that sees up to 5 million c...
|
13
|
|
May
|
Assets up for sale as Scottish grain merchant falls into administration | ADMINISTRATION
East Lothian-based grain merchant Alexander Inglis & Son has...
|
12
|
|
May
|
Sassoon Academy to appoint administrators | ADMINISTRATION
Hairdressing school Sassoon Academy has revealed that it is ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
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 ...
|
27
|
|
Apr
|
Lincs Lifts seeks buyer after appointing administrators | ADMINISTRATION
Scunthorpe-based powered access hire business Lincs Lifts is...
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