150-year-old fit out firm in administration
Yorkshire-based fit out firm H. Waterhouse & Sons (Wakefield) has called in administrators and ceased trading.
The company, which dates back to 1853 when the great grandfather of the current director established the business, has made 21 staff redundant.
Lee Lockwood and Bob Maxwell of Begbies Traynor in Leeds were appointed as joint administrators on 5 October.
Begbies Traynor said the company had run into difficulties “due to the downturn in the construction and refurbishment sectors”, experiencing reduced opportunities and continually tightening margins.
Lockwood said: “The underlying cause of the company’s failure appears to be a slowdown in development and refurbishment activity in the face of economic uncertainty and, unfortunately, the business simply proved to be unviable. It is sad to see a business which has been operating for so long and has been run by the same family for four generations, ceasing to trade in this manner.
“Unfortunately, due to a lack of ongoing projects, there was no prospect of rescuing the business. We are in the process of disposing of the company’s assets and actively pursuing its debts in order to generate the best return for creditors.”