Thu, 20 Dec 2012 | ADMINISTRATION
Joinery firm Swift Horsman has brought in administrators from PwC after hitting difficult times.
The business, which makes and installs high quality pre-fabricated washrooms for businesses, has two bases in the UK; one near Ware, Hertfordshire and another in Dalbeatie, near Dumfries in Scotland.
PwC placed the company into administration on Monday (17 December) after failing to find a buyer for the firm.
Karen Dukes, joint administrator and partner with PwC, commented: “The company has suffered as a result of cost overruns on recent projects, impacted by the difficulties in the construction sector.
“The directors have been attempting to sell the business, but no buyer could be confirmed and they had no option but to place the company into administration.”
She added that all employees, of which there are over 200, have been made redundant “immediately” while work is done to seek out a sale of the business and its assets.
According to reports from the Construction Enquirer, delays and disputes around payments for contractors were the primary cause of the firm's collapse.
The joinery group has a turnover in the region of £40 million.
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