RSS feed
Building business has new foundations
July 01, 2011
Corporate recovery specialists Begbies Traynor have saved 20 jobs with the sale of a Bournemouth building business out of administration. C G Pitcher & Son Ltd has been sold to Hazel & West (Dorset) Ltd, but will still trade as C G Pitcher & Sons.
Partner Julie Palmer and Director Simon Campbell of Begbies Traynor’s Bournemouth office were appointed as administrators on June 13, 2011, having established that the firm’s difficulties had been caused by over-trading and that the business had no cash to trade forward.
Julie Palmer explained: “C G Pitcher had grown from a turnover of £700,000 just three years ago to £5 million very rapidly.
“When four contracts they were undertaking became loss making - in particular a £800,000 contract at Avon Castle – they did not have the resources on their balance sheet they required to carry on.
“The new business hopes to continue with some of the contracts that were being undertaken but the problems caused by over-trading have led to a significant downsizing.
“We were able to save 20 jobs out of 42 and hopefully the new business is now of a scale that can survive and prosper once again.”
< Back to all news