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.
This profitable business presents a compelling opportunity for a buyer seeking a well-organised and respected roofing company, and is now offered for sale due to the vendor wishing to retire. This listing is a confidential sale at the vendor's reques...
Established for over 40 years with a turnover in excess of £500,000, the business enjoys limited competition locally. The sale includes the business assets and the lease of the premises will be assigned to the new owner.
This specialist independent training provider in Southern England offers an extensive range of in-person and online courses, tailored primarily to the construction industry. With a robust client network and an excellent cross-sector reputation, the b...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.