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Bristol-based Matrix Solutions enters administration

Bristol-based refurbishment and maintenance contractor Matrix Solutions has gone into administration.

The £20m-turnover contractor specialises in car park and building refurbishment work, and carries out flood damage and fire repair work on behalf of insurance companies.

Grant Thornton has been appointed as administrator with partners Nigel Morrison and David Bennett now seeking a buyer for the business.

Mr Morrison said: “Matrix Solutions UK is in a high turnover, low margin sector, and is strongly associated with construction and retail, both industries which have suffered in the current recession.

“We are making enquiries about a potential sale of the business, but unfortunately there will be numerous redundancies whatever the outcome of these discussions.”

The contractor directly employs around 30 people and has an additional workforce of around 50 subcontractors.

Mr Morrison added: “Despite the obvious evidence that an economic recovery is in place, there remains much fragility among smaller companies which in many cases are unlikely to be able to compete as recovery accelerates, because they do not have the necessary capital infrastructure or working capital facilities.

Matrix was formed in 2002 following a management buy out from Connaught Group.

It has worked for clients including Asda, British Airways, Debenhams and Hammerson, according to its website.

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