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Boom goes bust for Yorkshire specialist

NEWS

A YORKSHIRE builder that doubled its turnover last year has gone into administration, leaving 130 employees out of work.

Russell Construction, based in Buttercrambe, near York, specialised in residential and commercial property schemes and had created 75 new jobs over the past year.

But the firm is believed to have overstretched itself and went into voluntary administration after its overdraft was withdrawn. Managing director Stuart Ede had tried to refinance the company.

Eighty of the job losses were announced just after Christmas and the remaining 50 workers were made redundant last month.

Kroll, the administrator dealing with the company, said the firm's main creditor is Lloyds TSB. A creditors' meeting will be arranged.

A Kroll spokesman blamed the firm's demise on overtrading and cash flow difficulties.

The administrator is looking at selling outstanding contracts but the firm will not be sold as a going concern.