Property maintenance firm enters administration

A property maintenance company in Bristol has entered administration and a sale of the distressed firm is on the cards.

Matrix Solution was created in 2002 in a management buyout from Connaught. It boasted a historical annual turnover of up to £20 million through its work on car parks and other refurbishment projects for insurance companies.

Among the jobs the firm tackled was fixes to flood damaged properties and fire repair work.

However, the fragile state of the economic recovery put the firm in a difficult position and its high turnover and low margins proved too much.

Nigel Morrison and David Bennett of Grant Thornton have been appointed joint administrators to the company and are seeking a buyer, although it is thought that redundancies will be inevitable even if a purchaser is found

Morrison commented on the circumstances leading up to the administration: "Despite the obvious evidence that an economic recovery is in place, there remains much fragility among smaller companies which in many cases are unlikely to be able to compete as recovery accelerates, because they do not have the necessary capital infrastructure or working capital facilities.

"Matrix Solutions UK Ltd. is in a high turnover, low margin sector, and is strongly associated with construction and retail, both industries which have suffered in the current recession."
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