Bristol-based building firm Helm Construction has collapsed into administration.
The firm, which was only recently advertising for new staff, appointed administrators from Opus Restructuring on 3 December.
The construction firm specialised in office-to-resi conversions across Bristol but blamed a lack of payment from two or three key contracts for its demise.
The administrators confirmed to CN that 50 jobs would be affected as result. An unknown number of workers have already been made redundant.
In a statement, the administrators said: “Helm Construction Limited was placed into administration on Monday 3 December and Steven Parker and Trevor Binyon of Opus Restructuring LLP were appointed as joint administrators.
“The company acted as a main contractor on building projects. The majority of the company’s employees were made redundant the previous Friday.
“A number of interested parties have engaged with the administrators regarding the acquisition of the business, or some of its key contracts, but no sale has been concluded as yet. The joint administrators are continuing to engage in discussions.
“The company had a reputation for the quality of its projects but failure to receive payments on two to three key contracts caused cashflow problems, which ultimately led to the demise of the business.”
Helm’s projects included the £1.8m conversion of the five-storey Oriel House in Montpelier for client Telereal. It was converting the office to 15 residential apartments.
Other projects included the £1.2m conversion of St Luke’s Hall, based south of the river, from a commercial office into 14 one and two-bedroom apartments.
The firm also built a new £720,000 nursery for the Southville Nursery Trust, and completed renovation works for St Peter’s Church in Pilning.
In its latest accounts to 31 March 2017, the firm had just over £53,000 in cash and around £55,000 in net current asset.
Its creditors were owed around £2.2m, with around £250,000 of this being bank loans.