plasterjfe
Private Member
This was just one construction recession too many.
Above: FJ French craftsmanship
Building contractor FJ French was placed into administration and ceased trading yesterday (1 June 2011).
Its downfall was public spending cuts.
Frederick J French Limited was established in 1895 and has occupied town centre premises in Chelmsford, Essex ever since.
The company ran into financial difficulties after a significant reduction in work from its primary client, a local authority, brought about as a result of the recession. The directors attempted to downsize the business to reflect its reducing turnover earlier this year. But a lack of new contracts left them with no option but to call it a day.
Glyn Mummery and Jeremy French, partners at the specialist restructuring, recovery and insolvency firm FRP Advisory have been appointed as administrators.
Mr Mummery said: "Unfortunately, it was not viable to trade the business, due to a lack of existing contracts and administration was the only option. Regrettably, we therefore had to close the business immediately and make 27 staff redundant.
"Our strategy now is to focus upon the best means for maximising realisations of the company's premises and chattel assets."
He added: "This is the third major construction firm in the Essex region that we have been called in to deal with this year, which reflects the widely held view that the sector has slipped back into recession."
Recent projects for FJ French, which specialised in bespoke joinery and heritage work as well as general building, include a new £2.3m teaching block at St Cedd’s school in Chelmsford, completed in February 2011.
Above: FJ French craftsmanshipBuilding contractor FJ French was placed into administration and ceased trading yesterday (1 June 2011).
Its downfall was public spending cuts.
Frederick J French Limited was established in 1895 and has occupied town centre premises in Chelmsford, Essex ever since.
The company ran into financial difficulties after a significant reduction in work from its primary client, a local authority, brought about as a result of the recession. The directors attempted to downsize the business to reflect its reducing turnover earlier this year. But a lack of new contracts left them with no option but to call it a day.
Glyn Mummery and Jeremy French, partners at the specialist restructuring, recovery and insolvency firm FRP Advisory have been appointed as administrators.
Mr Mummery said: "Unfortunately, it was not viable to trade the business, due to a lack of existing contracts and administration was the only option. Regrettably, we therefore had to close the business immediately and make 27 staff redundant.
"Our strategy now is to focus upon the best means for maximising realisations of the company's premises and chattel assets."
He added: "This is the third major construction firm in the Essex region that we have been called in to deal with this year, which reflects the widely held view that the sector has slipped back into recession."
Recent projects for FJ French, which specialised in bespoke joinery and heritage work as well as general building, include a new £2.3m teaching block at St Cedd’s school in Chelmsford, completed in February 2011.
