August 29 2014 Latest news:
By annabelle dickson Business writer
Thursday, October 25, 2012
Metalwork products business Hubbard Architectural Metalwork Ltd today appointed administrators after suffering losses of more than £1m.
The designer and supplier of metalwork products to the construction industry, which employs 45 people at its factory in Hurricane Way, near Norwich Airport, will continue to trade while a buyer is sought for the business.
Administrators are hoping to complete several contracts in the London area and a decision on redundancies will depend on the success of negotiations with customers.
It is the latest blow for the construction industry supply chain in Norwich coming just over a week after New Costessey-based Uniglaze went into administration. Uniglaze administrators are now winding up the business after failing to find a buyer to keep the business running as a going concern.
Like Uniglaze, Hubbard Architectural Metalwork Ltd has suffered from the prolonged recession, which has particularly hit the construction industry and squeezed margins.
Joint administrators Andrew McTear and Chris Williams at Norwich based business rescue and insolvency specialists McTear Williams & Wood said in a statement cashflow had been affected by two “particularly problematic contracts”.
The company, which has designed and manufactured staircases, balconies, balustrades and bridges for more than 60 years, had a turnover of £5m and operates from a 29,000sqft factory.
Mr McTear said: “We are actively negotiating with customers to agree terms to complete several contracts in the London area. The success of those negotiations will dictate how long we can continue to trade and any decisions on redundancies. Any interested parties should contact us as soon as possible.”
A Norwich-based business which started as a “man with a van” operation is eyeing further expansion after seeing its predicted turnover increase from £6,000 to £340,000 within five years.