A North Staffordshire construction company which provided groundworks services and plant hire has collapsed into administration owing 拢3.3 million.
Will Nixon Construction Group, which was based in Rushton Spencer near Leek in Staffordshire, employed 30 staff when it fell into administration.
The seven-year-old firm is believed to have had more than 100 staff on its books at its peak and an annual turnover in excess of 拢9.5 million.
But now Matlock-based administrator Seneca Invsolvency Practitioners have been called in, with 'financial pressure' being blamed for the company's demise.
In an administration notice submitted to Companies House, administrator John Hedger said: 鈥淲ill Nixon Construction Group Limited began to encounter financial pressure around the middle of 2019. This was caused by contractual disputes, delayed debtor payments and, in some cases, payments being with-held altogether.
鈥淭he company reviewed the structure of the business and made significant reductions to staffing and overheads to try to ease financial pressures, while still allowing the business to trade and fulfill its contracts.
鈥淒espite all of the cost-cutting, one major contractual dispute with a large client caused further significant cashflow problems for the company.
鈥淚n January 2020, it became apparent that trading was becoming increasingly difficult for Will Nixon Construction Group and the company decided to seek the advice of BCIA Recovery and Turnaround.
鈥淏CIA explored various options in order to try to save the business but ultimately, creditor pressure was too great. The company was referred to my firm by BCIA in February.鈥
