Date Published: 14th August 2017
Begbies Traynor has been engaged to help a Port Talbot construction and maintenance company that is taking steps to enter the process of liquidation.
Contract Services (South Wales) Limited, which has successfully traded in Port Talbot and Caerphilly for 21 years, faced unexpected cash flow pressures earlier this year.
Despite being successful in reaching agreements, in principle, to obtain additional funding from various parties including the Welsh Government and other Government Organisations the company was not able to raise the total amount of funding required in the time available.
As a result, the company ceased trading on August 11, 2017 and is set to enter voluntary liquidation on 22 August. The company employed 102 workers, including apprentices and trainees.
Huw Powell, partner at our Swansea and Cardiff offices said: “It is disappointing to see a leading Welsh business have to close its doors in this way after many years of successful trading, particularly one that prided itself on supporting a local SME supply chain, the communities it worked in and its employees through training and being an early adopter of the Living Wage.
“We will be writing to all creditors over the course of the next few days with details of the liquidation process.”
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.
Huw's track record of success within insolvency speaks for itself and he is a major asset within the strong Cardiff setup, which has a combined total of more than 200 years' experience of recovery and rescue work.