Welsh construction contractor selling assets

Thu, 25 Jul 2019 | ADMINISTRATION

Administrators for the Port Talbot construction contractor Jistcourt have revealed that the company is selling off its assets after entering administration earlier this year.

Jistcourt South Wales Limited first appointed Huw Powell and Katrina Orum of Begbies Traynor as joint administrators on 27 June 2019 after announcing that the company had fallen into administration as a result of "challenging, loss-making projects" that left it in debt.

Mr Powell confirmed that the company managed to successfully complete one of its remaining construction projects for Bristol City Council following the announcement, but has since been forced to make a further 11 redundancies.

"A small number of employees are still in place while we gather information to help us fulfil our duties as administrators," he said.

"We continue to work with the remaining contract employers, with the assistance of an external quantity surveyor in an attempt to maximise returns for creditors."

Chartered surveyors Eddisons have now been brought in to manage an auction of the company's assets, offering potential buyers the chance to view the lots of the previously highly successful firm at sites in Tenby and Port Talbot on 24 July.

Jistcourt was originally formed in 1980 and has since gone on to achieve an annual turnover of £13 million. Its projects spanned a large area, from the West of Wales to the South West of England.

Just two months ago, the company opened a new regional office in Bristol after winning a £6.2 million contract with Bristol City Council to deliver a three-year maintenance programme across the city.

The administrators have confirmed that they will be issuing statements of proposals to the company's creditors within the next month.


Share this article



Latest Businesses for Sale

Pipeline Products & Construction Materials Supplier
Scotland, UK

Supplier of pipeline products, construction materials and technical support packages. Offers a wide range of products and services, including pipes and fittings, valves, couplings and adaptors, alongside training, equipment sales, servicing and repai...

Asking Price: Offers Invited
Turnover: £4,200,000

LEASEHOLD


Construction Frames Supplier
Monmouthshire, Wales, UK

Excellent reputation. Since establishment, the company has established an excellent industry reputation and has shown considerable growth. Complete service offering. Associations and affiliations. Offers invited.

Asking Price: £500,000
Turnover: £1,131,882

LEASEHOLD


Surfacing & Construction Company
Somerset, UK Wide

Complete service offering. Since establishment, the company has solidified an excellent industry reputation and demonstrated considerable growth, predominantly through an exceptional reputation spread by word of mouth. Offers invited.

Asking Price: £890,000
Turnover: £360,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
20
 
Aug
 

EAG construction business snapped up by Elaghmore | BUSINESS SALE

English Architectural Glazing Limited (EAG) has been snapped...

 
19
 
Aug
 

Childcare entrepreneur boosts portfolio with Liverpool acquisition | BUSINESS SALE

The Griffin Nursery, a children’s day nursery in Bootl...

 
15
 
Aug
 

Payroll and HR companies acquired by software group | BUSINESS SALE

IRIS Software Group has finalised the agreement of intent to...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
25
 
Jun
 

Port Talbot construction business enters administration | ADMINISTRATION

A construction company based in Port Talbot has fallen into ...

 
05
 
Jun
 

North Yorkshire bathroom supplier enters administration | ADMINISTRATION

A bathroom supplier has collapsed into administration after ...

 
18
 
Dec
 

High street clothing chain enters administration | ADMINISTRATION

A prominent high street clothing chain has collapsed into ad...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources