May 22 2013 Latest news:
By Ben Woods, Business writer
Wednesday, January 23, 2013
Gorleston-based builders merchants Yarecrete Construction has announced that it is on the brink of liquidation with 15 staff set to lose their jobs.
Directors Terence and Chris Hall have instructed insolvency practitioners Parker Andrews to wind down the business before the company is expected to go into liquidation on February 7.
Jamie Playford, insolvency practitioner for Parker Andrews, said the family-run firm, which had been trading for more than 20 years, had struggled to cope with the poor state of the construction industry and had been out priced by national builders merchants.
Meanwhile, profits were also hit when it tried to integrate the Halls Group builders merchants into the business after it bought the firm out of administration in July 2011.
Creditors are owed more than £300,000 by the company– but some of that money is expected to be made back through the sale of equipment and machinery.
Mr Playford said: “The construction industry had not picked up as quickly as they thought it was going to, and they found pricing difficult when matched against builders merchants like Travis Perkins.
“The fact that is had bought Halls out of administration had become a cash drain on the firm as they tried to integrate the business.”
Norfolk turkey giant Bernard Matthews is in talks to sell a stake in the business.