Norwich-based construction and joinery firm J.S. Hay has entered administration, putting the jobs of its 90 full-time staff at risk.
PKF have been appointed joint administrators of the Lingwood firm, which has been operating for over 50 years throughout East Anglia.
The administrators described redundancies as “inevitable”, though it said it would aim to safeguard jobs.
The business was acquired in the 1960s by Jock Hay, the grandfather of today’s managing director, Rob Lockhart.
J.S. Hay’s joinery business employed 12 of its full-time employees.
Primary clients were local authorities and housing associations, but it also carried out construction work for private clients ranging from new build to complete renovations.
Matt Howard and David Merrygold of PKF have been appointed to manage the administration.
Matt Howard said: “Despite an excellent reputation for the quality of its work and high level of customer service, the depressed state of the construction sector generally has had a detrimental effect on J.S. Hay’s current financial position.”
“This was compounded by some significant bad debts in recent months, which resulted in the directors seeking advice about the company’s options.
“As administrators, we are charged with securing the best possible return for creditors in very difficult circumstances. We are reviewing the available options and will explore whether this duty can be fulfilled by selling at least part of the business as a going concern.
“We will also consider offers to purchase specific assets, such as the office and workshop premises, vehicles, plant, office equipment and raw materials.
“We will aim to safeguard as many jobs as possible but redundancies are, unfortunately, inevitable. We have already spoken to staff to explain the situation and are offering help and guidance to them all.”
Anyone interested in acquiring the business or its assets should contact Stuart Morton on 01603 756922.