Commenting on the current situation, Huw Powell, partner at Begbies Traynor, said:
“Following our appointment, we identified one project capable of reaching practical completion. This was achieved successfully thanks to the hard work of the remaining staff and the willingness from Bristol City Council to work with the team.
“Unfortunately, a further 11 further redundancies have now been made. A small number of employees are still in place while we gather information to help us fulfil our duties as administrators.
“We continue to work with the remaining contract employers, with the assistance of an external quantity surveyor in an attempt to maximise returns for creditors.
“We will be issuing our statement of proposals to creditors during the next month.”
An auction of the company’s assets is currently being run by chartered surveyors, Eddisons, with the chance to view the lots at sites in Tenby and Port Talbot on 24th July.
Please see the Eddisons website for more information on the auction.
Huw is a chartered certified accountant with more than 14 years' experience working with businesses that are experiencing financial difficulties.
His impressive network of contacts and relationships with key stakeholders - from lenders and creditors to turnaround specialists – is key in strengthening Begbies Traynor's presence in Wales.