Nearly 60 workers have lost their jobs after a North Wales firm went bust. Richard Goodall and Anthony Collier of specialist business advisory firm FRP were appointed Joint Administrators of NWP Electrical & Mechanical Ltd.
The St Asaph based firm provided electrical and mechanical services for the design and build, commercial and residential industries and had traded successfully for over 25 years. Just last October it made the list of the 50
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But due to the ongoing economic conditions impacting the sector, significant pressure was placed on the cashflow and profitability of the company, leading to its insolvency.
The company ceased to trade upon the appointment of the Joint Administrators and all 59 of the business’ staff were made redundant.
Richard Goodall, partner at FRP and Joint Administrator of NWP Electrical & Mechanical Ltd, said: “Due to the ongoing financial challenges and inflationary pressures impacting the business, NWP Electrical & Mechanical Ltd has become insolvent and is no longer trading.
“Our focus is now on managing efficient communication with creditors as part of our statutory duties while working with staff at the Company to help them access redundancy support.”