Wed, 13 Feb 2013 | ADMINISTRATION
Construction company J.S. Hay has entered administration after being pushed to its limit by the slow nature of recovery within the construction sector.
The Norwich-based company, which also handles joinery contracts, has appointed PKF as administrators of the firm and are looking to find a buyer for the business or its assets as soon as possible.
Matt Howard, joint administrator of the business, commented on the situation: “Despite an excellent reputation for the quality of its work and high level of customer service, the depressed state of the construction sector generally has had a detrimental effect on J.S. Hay’s current financial position.
“This was compounded by some significant bad debts in recent months, which resulted in the directors seeking advice about the company’s options.”
At the moment the administrators are reviewing all the options available to the company but their preferred option appears to be to sell “at least part of the business as a going concern”.
Mr Howard added that the group is open to considering offers for the purchase of specific assets, including office equipment, raw materials, office and workshop premises and vehicles owned by the J.S. Hay.
The company has been in operation for around 50 years after the current managing director's grandfather, Jock Hay, acquired the company back in the 1960s. Managing director Rob Lockhart noted on the firm's website that the company's family history and the dedication of its staff has helped build a strong company; it is unfortunate that the depressed state of the construction industry has proved to be too much for J.S. Hay to overcome.
Local authorities and housing associations have been the mainstay of business, but renovations and new build contracts for private clients also formed part of the company's remit. The group, which is set to make some redundancies, employed over 90 full-time staff, 12 of whom worked in the specialist joinery division of the company.
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