Administrators have been called in to water industry contracting company WF Utilities & Groundworks after the firm reportedly racked up £400,000 of debt.
Established as a specialist contracting company in 2010, WF Utilities & Groundworks provided utility infrastructure and construction services for commercial, industrial, defence, local authority, water and gas utility sectors.
Water services provided by the company included leak location and repair, project management, drainage and sewers, legionella risk assessments and groundwater containment.
The company, which was based in Yeovil, Somerset, employed 24 subcontractors and two other members of staff and had an annual turnover of around £2 million. On June 20th nationwide insolvency practitioners SFP were appointed as adminstrators
Daniel Plant, Group Partner at SFP, said: “Companies in construction and related sectors are having a hard time of it at the moment, and unfortunately WF Utilities & Groundworks is yet another company that has struggled to maintain a healthy cashflow.
“After assessing the options available, I am pleased to confirm that a management buy-out was completed, which has safeguarded a number of positions within the firm,” he continued. “This is a very pleasing outcome and one that has ensured a continuation of service to clients of the business.”