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More Pettifer jobs at risk

Pettifer Group chairman Brian Pettifer has warned a further 150 jobs could go after 120 jobs were cut as its contracting arm went into administration today.

Mr Pettifer said the remainder of the Shipston-on-Stour based group is expected to file for administration later this week putting a further 150 jobs on the line.

The company had a pipeline of new contracts due to start in the New Year, but was unable to secure enough funding to see it through the short term.

It is understood that the firm's problems were compounded by the fact that its sole banker was RBS

Bosses are now trying to package a deal to sell the group’s consulting business PCM, which would save 85 jobs.

Chairman Brian Pettifer said: “The new management team of Pettifer Construction led by Chris Pape made great strides in resolving past issues and had generated a robust pipeline of new contracts starting in the New Year, however regrettably funding could not be secured to fund our short term cash requirement.

“I would like to pay tribute on behalf of the directors to all our loyal staff, many of whom have worked for the company for a considerable period of time, and of course to our supportive clients and suppliers.

“I can confirm that this does not affect our investment business, Pettifer Investments Limited, which includes a number of retail and land assets as well as the Vertical Theme Park concept for which we own the global rights.”