A Somerset manufacturer has fallen into administration losing more than 40 jobs.
Sterling Services Limited, based in Taunton appointed Geoff Jacobs and David Standish from Interpath Advisory as join administrators. Established in 1997 and based in Somerset, Sterling Services Ltd specialises in the design, manufacture and installation of architectural precast facades.
The majority of the company's 45 employees have been made redundant as a result, with one person retained by Interpath Advisory for a short period to assist with certain administrative requirements.
In recent years, the company delivered services as part of a large number of building projects including the City of London Academy, the Jersey International Finance Centre and One Capital Square, Cardiff. However, the impact of wider group cashflow pressures and cross guarantees put the firm into a compromised financial position where it was unable to continue to trade.
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Sterling Services said 'a number' of funding and sales avenues were actively explored by the board but concluded that 'the only option' was to take steps to cease trading and seek the appointment of administrators.
Mr Standish, managing director at Interpath Advisory and joint administrator, said: “It is unfortunate that such a long-established precast cladding business is no longer able to continue to trade despite the efforts of the directors. The joint administrators are committed to ensuring that the optimum outcome for creditors is achieved and supporting the employees at what is a difficult time for all concerned.”
Mr Jacobs, managing director at Interpath Advisory and joint administrator, added: “Although the business has ceased to trade, it has a well-established infrastructure, a strong customer base and there may be an opportunity for parties who can move quickly to acquire the business and assets. We would recommend that any parties who have an interest in the business or its assets should contact the administrators in early course.”
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