Decision to liquidate £28m-turnover subsidiary of developer Pierse Group follows creditors' meeting yesterday

A subsidiary of leading property developer Pierse Group has gone into liquidation.

Pierse Contracting Ltd, which had a turnover of over £28m in its accounts filed up to 30 April 2008, was placed into liquidation following a meeting of creditors on 1 June.

The firm has total assets reaching nearly £40m. Administrator Zolfo Cooper has been placed in charge of the liquidation.

Construction specialist credit agency Top Service said it had been watching the firm closely over recent months.

“We have had more than 15 reports about slow payments over the past six months alone,” said Emma Bridges, customer development director at Top Service. “This meant we have been monitoring the company closely and have been able to inform our customers of the liquidation quickly.”

Nobody from Pierse Contracting was available for comment.