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Botes goes bust

London contractor Botes Building has collapsed after running into cashflow problems.

The firm appointed administrator Kroll on Wednesday last week.

Nearly 60 staff have been made redundant so far, but the administrator has sold the Botes maintenance business to a shell company, Hamsard 2989, incorporated in January this year.

It is understood that 220 staff have been transferred across to Hamsard, which is owned by private equity firm Epic Reconstruction.

Mr Botes handed over control of Botes to Epic in March this year. But Epic, which specialises in buying distressed companies, called in administrators last week.

Botes holding company GGS, controlled by managing director Ian Botes, has also gone into administration.

Botes was founded in 1973 and in its latest report and accounts filed at Companies House turned over £76 million in 2004, making pre-tax profits of £473249.

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