Hertfordshire-based contractor Trak Group has gone into administration.
James Bradney and Alex Cadwallader of Bridge Business Recovery have been named joint administrators as the company ceased trading yesterday.
The Bridge Business Recovery partners have been appointed to secure the position of the Hertfordshire Group for the benefit of creditors and to establish the best way forward.
Restructuring specialists have said it is unlikely that Trak will attract a buyer but expect a high level of interest in many of Trak’s active contracts.
Mr Bradney: “The well publicised impact of the credit crunch has hit the construction sector hard. We will be working closely with the management to preserve value.”
Trak’s clients include Abbey Life, Aviva, Fulham Football Club, Sir Robert McAlpine and Saudi Arabian Airlines as well as the London Boroughs of Brent, Camden and Hackney.
Established in 1995, Trak worked in the health, education, commercial, industrial and residential sectors on projects ranging from £50,000 to £13 million.