Bristol-based mechanical and electrical contractor, Priddy Engineering Services Limited (PES) has ceased trading with the loss of 29 jobs.
The company, which designs, installs and maintains mechanical and electrical building services and systems, was placed into liquidation today (25 February), with Begbies Traynor acting as liquidators.
PES employed 29 members of staff including the directors, who were all made redundant on 12 February 2021.
Commenting on the news, Neil Vinnicombe, partner at Begbies Traynor’s Bath office, says:
“It is always sad to see a once thriving business succumb to liquidation, especially when there are multiple job losses involved.
“After steadily growing turnover and profit over a number of years, the company recently faced unprecedented financial challenges on multiple fronts, following successive underperforming contracts, uncertainty around the Brexit process and the impact of the Covid pandemic, which significantly affected productivity across all of its sites.
“Despite taking steps to reorganise the business and seek additional funding, these challenges proved insurmountable and with insufficient funds available to pay creditors or employees, the decision was taken to place the company into liquidation.
“We understand the majority of those made redundant from the business have already secured alternative employment, thanks to robust demand for highly skilled labour in the mechanical and electrical systems sector.”
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