Frederick J French in receivership...
Published: 03 June, 2011
CHELMSFORD: Building contractor Frederick J French has been placed in administration. All 27 staff at the firm have been laid off and the builder ceased trading on 1 June. The building contractor, established in 1895, got into financial trouble after a big reduction in work from a local authority client.
Glyn Mummery and Jeremy French, partners at FRP Advisory are handling the builder's affairs.
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."
Mummery said: "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."