One of Wales’ leading construction firms, WRW Construction, is being put into administration after coming under “significant financial stress.”
As well as its Llanelli HQ the family-run and owned business has offices in Cardiff and Bristol. The entire business has ceased to operate.
In a statement the company said: "Despite a significant order book of over £60m to be delivered within the upcoming 12 months, a supportive lender, fantastic staff and prospects, regrettably, owing to a series of events the last week, including an unfavourable adjudication outcome, the business was put under significant financial stress.
“The directors have worked tirelessly with their advisors and funders to look for solutions for the business to remain viable.
“Unfortunately, it has been regrettably determined that no viable options remain, and administration is the best course of action to preserve value for stakeholders and creditors. As a result of this, the directors are in the process of placing the company into administration.”
Administrators for the business should be appointed next week.
To support its growth plans the firm in 2019 secured a multi-million pound lending facility from lender ThinCats.
The finance was secured against WRW Construction property and other assets.
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Its last audited accounts lodged with Companies House shows that in its 2019 financial year the business had a turnover of £64m with a workforce of 143.
WRW Construction has a string of contracts across the 海角视频 for public and private sector clients. The business also supports companies and hundreds of jobs in its wider supply chain.