London-based fit-out contractor halts trading after difficult 2004.
Administrators have been called in at London fit-out contractor Spectrum Projects. Building understands accountancy firm Rothman Pantall was appointed as administrator at the £49m-turnover firm’s Clerkenwell office on Wednesday afternoon.
It is understood that the 60-strong workforce at the firm was made redundant today (Thursday) and that some Spectrum sites had closed down on Tuesday. A Rothman Pantall spokesman however refused to comment on its role. He said: “It is our policy not to speak to the press about such problems.”
The appointment follows intense market speculation this week about the plight of the firm, which is understood to have been experiencing trading difficulties since the start of the year.
One market source expressed shock at the move. He said: “It’s very sad. It’s a real shame. They were a good company.”
Spectrum was founded in 1996 by Brian Tripp. It posted pre-tax profits of £70,073 on turnover of £49m for the year to 31 December 2003. This followed a loss of £401,588 on £52m turnover for the 15 months to 31 December 2002. The firm attracted blue-chip clients such as IBM, JP Morgan and American Express and had planned to create a dedicated regional presence in the Midlands and the North West.