SME offsite construction firm has stopped trading, with all 24 employees redundant
SME offsite construction firm Nordic Construction has fallen into administration.
Business restructuring firm BDO confirmed that two of its partners, Danny Dartnaill and Matthew Tait, were appointed joint administrators of the firm on 28 October.
Nordic Construction, headquartered in Guildford, Surrey, was a main contractor specialising in off-site timber-frame construction for mixed use and residential redevelopment schemes across the UK.
The company has ceased trading and all 24 employees have been made redundant.
According to accounts filed at Companies House, in its full-year results to 31 December 2014 the firm posted a pre-tax profit of £3.2m on turnover of £16.3m.
Joint administrator Dartnaill said: “The company encountered difficulties as a result of the challenging economic climate and experienced a shortfall in its working capital position. Unfortunately, it was left with no other option but to enter administration.
“The joint administrators are taking all necessary steps to mitigate losses to customers and, going forward, will seek to maximise recoveries for the benefit of creditors.
“We are currently assessing the potential for a sale of the company’s business and assets, and would invite any interested parties to contact the administration team.”