Published: 1st July 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.”
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.