A £36m-turnover Bristol-based contractor has ceased trading with all 50 of its staff being made redundant.
Administrators called in by Ikon Construction Limited attributed the firm’s collapse to cashflow problems.
Ikon Construction revealed yesterday afternoon it had appointed Andrew Sheridan and Gareth Morris, partners at specialist business advisory firm FRP Advisory, to carry out the process.
The contractor added that its live construction sites had been secured as it weighed up options with quantity surveyors and the administrators.
Commenting on the reasons behind the collapse, joint administrator Andrew Sheridan said: “Ikon Construction has been a strong performing business over the years.
“Unfortunately difficulties with a few projects and tighter margins in the industry have led to a persistent cash liquidity issue, resulting in the company entering administration.”
Ikon’s most recent company accounts for the 12 months to 31 March 2017 showed the business had a turnover of £36m and recorded loss of £103,550 for the year.
Its strategic report described the loss as “trivial”, attributing it to “poor-performing bespoke residential projects” and a Health and Safety Executive fine of £145,000.
The report also stated that the principal risk to the business was liquidity, pledging to maintain growth organically backed by “carefully managed” cashflow.