Fri, 14 Dec 2012 | ADMINISTRATION
Speymill Contracts is due to enter administration due to the combination of a sharp downturn in work and loss-making contracts.
The director's decision to place the Huntingdon-based firm into administration was also influenced by a need to protect the remainder of the Speymill Group, which continues to trade normally.
A statement from the group said: "The board has regrettably concluded that the Contracts business is not viable and represents an unsupportable burden on Speymill. Thus the board of Contracts has lodged with the Court a Notice of Intention to Appoint Administrators."
Earlier this year the group injected more than £2 million into the struggling company in an effort to keep things going. However, it suffered a loss of £1.76 million in the first six months of the year and results deteriorated further due to the harsh economic climate, forcing the parent company to let it go.
So far it does not appear that an administrator for the business has been found, but the company confirmed that "the board will make further announcements concerning its intentions in due course".
The Speymill group is a multinational property services group. In addition to construction and property management, it also operates investment schemes.
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