Wed, 13 Jul 2011 | ADMINISTRATION
Administrators are hopeful that they will be able to find a buyer for a family-owned builders' merchant in Norfolk, which was put into administration yesterday.
Halls Group Limited, which has been in business for nearly 70 years, entered administration after a winding-up petition was filed by a creditor, forcing the company's funders to file a notice of intention to appoint administrators.
Nigel Millar and Graham Bushby, partners at Baker Tilly Restructuring and Recovery LLP, were appointed to take care of the process, but were forced to make the company's 32 staff redundant while a buyer is sought. Mr Millar said they were optimistic, however, that the firm would be rescued.
"Due to lack of funding the business has ceased trading and all the staff have regrettably been made redundant," he explained. "However, there are a number of potential purchasers and we are hoping that we may be able to secure a sale of the business and assets in due course."
The company runs two sites in Gorleston and two more in Acle and Scratby. A buyer was successfully found for two sub-divisions of the company - Yarco Fencing and Precast Concrete - bolstering the potential for a sale of the rest of the company.
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