Welsh civil engineering firm J U Bowen Construction has ceased to trade and made all its staff redundant, CN has learned.
The Powys-based firm had a small number of direct employees, as much of its work was subcontracted out.
However, it had been involved in significant projects, with Dwr Cymru Welsh Water, Severn Trent Water and Laura Ashley Plc listed as clients on the firms website.
Manchester-based PKF (UK) are administrators for the firm, with John Newell and Kerry Bailey acting as joint administrators.
“Even experience of susbstantial projects doesn’t mean you can’t have problems”, said Mr Newell.
“We’ve not seen anything that suggests anything other than general economic climate and the competitive forces that climate drives [as causes of the firm’s difficulties].”
“We’ve secured the books and records, and we’ve secured the movable assets. They weren’t on site on any projects and we’re currently evaluating the worth of the contractual claims.”
CN understands J U Bowen’s debtors, land holdings and outstanding work in progress to be certified is being evaluated to recover the firm’s debts.
A detailed statement is expected to be released in the coming week.