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.
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.
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