Sat, 26 Apr 2014 | ADMINISTRATION
Somerset-based Stacey Construction has entered administration, with a buyer sought for the company’s assets, it has been revealed this week.
Located in the town of Wiveliscombe, Stacey Construction specialised in building petrol stations and motorway services with clients including Esso, Shell, BP and Roadchef. The company called in London-based corporate recovery specialist Moorfields as administrators after a cashflow crisis resulting from long-running payment disputes with two clients.
Sixty staff lost their jobs on Wednesday 23 April as the administration was announced. The firm was founded in 1967 by Mike Stacey and at its peak it turned over £20 million; it was recently passed to son Shaun who has pledged to try and buy back some of the business.
Shaun Stacey is reportedly targeting a purchase of the petrol forecourt construction division with the aim of setting up a new company. Stacey Construction also ran a main contracting and refurbishment businesses, operating mainly in the south west of England.
Nick O’Reilly, joint administrator at Moorfields, said: “Cash reserves were so depleted that we were forced to lay off all staff immediately.
“It's been very tough because most of the staff have worked for the firm for many years. We will now be seeking to sell the property assets and goodwill of the firm to pay creditors. That includes outstanding monies owed.”
A separate statement from Stacey Construction read: “Credit should go to Shaun Stacey and his team who have worked tirelessly to try to do the right thing by everyone, for customers, staff, suppliers and sub-contractors alike.”
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