Mon, 22 Nov 2010 | BUSINESS SALE
Thirty jobs have been lost following the administration of a Clevedon-based construction company, which is now up for sale.
DB Russell Construction, which is located in Alexandra Road, was forced to file for administration following financial problems as a result of the economic downturn.
The firm specialised in developing social and affordable housing for councils and local housing associations, alongside private sector work including commercial projects and education developments.
Established in 1985, the regional contractor operated across the South West prior to its administration last week.
Business recovery partner at accountants, Mazars, Tim Ball, has been appointed joint administrator for DB Russell Construction. Ball is now on the hunt for a buyer for the firm.
He said, “It is very sad to see an independent company fail in this way and it is very much hoped that a buyer can be found for the benefit of its customer base and its creditors.
“DB Russell Construction is a highly successful business with a very good reputation. The recession has obviously not helped the business but the main reason it failed was that two years ago new owners acquired the company, but had to borrow heavily to do so,” Ball said.
The firm is rumoured to have debts of almost £2 million - £900,000 of which it owes to companies it had sub-contracted work to.
An opportunity exists to purchase the business and assets of a recruitment business operating in the south of England. The business specialises in both temporary and permanent candidate placement in education roles.
An opportunity exists to purchase the business and assets of a leading provider of traffic management solutions operating across the UK highways network.
An opportunity exists to purchase the business and assets of a television production company. The company has an established track record in the production of drama/ documentaries and colourised archive series.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.