Jistcourt employs close to 70 people
Loss-making contracts and mounting debts have brought another contractor to the brink of collapse with Welsh firm Jistcourt filing an intention to go into administration.
The £13m turnover, family-run firm was established in Port Talbot in 1980 and employs 66 people – with close to 50 staff already losing their jobs.
Huw Powell, a partner at Begbies Traynor, who is set to be made co-administrator, said: “Jistcourt has been trading successfully for almost 40 years but a number of challenging, loss-making projects have recently adversely affected its cash flow.
“Despite a strong order book, this has left the business with a legacy of debt and no way of rectifying the situation.”
He added: “Together with the remaining staff, Jistcourt’s directors will be working with clients on remaining live projects to bring them to a workable conclusion.”
Last month the housing and local authority specialist opened a new office in Bristol after winning a £6.2m contract with the city council for a three-year maintenance programme.
The new office was headed up by Matthew Legg, who joined the firm in November after spending six years as a senior project manager at Lovell.
According to documents filed at Companies House, Jistcourt made a pre-tax profit of £4,023 in 2017, the last year for which it filed accounts, having lost £190,637 the previous year.
Earlier this year, Dawnus, based down the M4 in Swansea, went under. The £172m turnover firm employed 700 people.