An electrical company in Weston has gone into administration and 17 workers have lost their jobs.
Weston Electrical Services (Wes) blamed the loss of a key contract earlier in 2019 for “severe” cash-flow problems and “unfavourable” contract terms for a period of difficult trading.
Business advisory firm FRP Advisory has appointed joint administrators, Andrew Sheridan and Geoff Rowley, to manage the winding up of the company, according to Business Live.
The administrators said that Wes had incurred "substantial losses", which were caused by a number of contributing factors.
Mr Sheridan, partner at FRP Advisory in Bristol, said: “The company had suffered severe cash-flow pressures in the last 18 months as a result of the issues facing the construction sector.
"Despite the significant investment from the Group, the challenges have proved too great and the company ran out of cash.
"Unfortunately, this led to the difficult decision to place the company into administration.
"Our main priority is now to support affected employees during this difficult period. We will also be working closely with our appointed quantity surveyor, Chris Lester of MDA Consulting, to maximise recoveries from work in progress, debtors and retention.”
All the other companies that are part of Incentive FM Group will continue to operate as normal.
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