Administrator says a buyer is not likely to be found for Hemel Hempstead contractor

The Trak Group has become the latest contractor to fall victim to the recession.

The Hertfordshire-based firm ceased trading yesterday. Administrator Bridge Business Recovery said it was unlikely to find a buyer for the 14-year old firm.

The company’s clients included Crystal Palace football club, Hertfordshire County Council and Buckinghamshire County Council.

Bridge Business Recovery said the firm was working on new build and refurbishment contracts worth between £5,000 and £15m.

Contracts include the £3.5m redevelopment of Westminster Theatre near Buckingham Palace. The scheme for 33-flats and a 350-seat theatre won planning permission in May and is due for completion in mid to late 2010.

Bridge Business Recover said that Trak’s current contracts should attract a high level of interest from other builders.

Administrator James Bradney said: “We will be working closely with the management to preserve value.”