Philip James folds

Published:  06 July, 2012

LEICESTER: General builder Philip James has been closed down by liquidators with the loss of 23 jobs.

The 66-year-old builder were forced under by a lack of work. Managing director David Lowe said: "The business has suffered due to the general downturn in the building and construction sector and like many other contractors it has found it very difficult to secure economically viable contracts.

"We have done our best to keep the business going since the downturn but despite our best efforts we have not been able to keep it afloat.

"We are really disappointed and personally it is a sad day for me having worked for the business for over 45 years."

Situl Raithatha of Springfields Business Recovery & Insolvency has been appointed liquidator.

Mr Raithatha said: "Due to the difficult trading conditions the company has experienced severe cash flow difficulties and in the absence of sufficient funding has been forced to close down and make all the staff redundant."Our strategy is now to maximise realisations from the company's assets for the benefit of the creditors."

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