John Nicholls Builders of Truro falls victim to credit crunch after 47 years of trading
A Cornish construction firm has gone into administration, becoming the latest victim of the credit crunch.
John Nicholls Builders, a chartered building company, has appointed international accountancy firm Mazars as its administrator.
The business is based in Truro, Cornwall, and has completed a series of projects across all sectors since its establishment in 1962.
Tim Ball, joint administrator and Mazars partner, said: The company has been severely affected by the economic downturn and has experienced a significant reduction in orders.
“The business was unable to continue trading, resulting in the redundancies of the majority of staff.”
He added: “We are speaking with various parties regarding options for the business, and are progressing discussions with interested parties regarding the sale of current contracts.”