A construction contractor has ceased trading after falling into administration as a result of the impact of the covid pandemic.
Administrators from Quantuma Advisory were appointed to Solihull-based Greswolde Construction earlier this month and the company has now closed down.
Established in 1983, Greswolde specialised in new build, design and build, refurbishments and fit-outs. The company's latest accounts reported a turnover of £19.4 million and it employed 24 staff.
Nick Simmonds, managing director at Quantuma Advisory and joint administrator, said: "Along with many other businesses in the construction sector, Greswolde has experienced unprecedented trading conditions over the last couple of years as a direct result of the global pandemic.
"Its customers have been substantially disrupted by unpredictable economic conditions and the business has experienced severe supply chain challenges.
"Having exhausted all options for the business, it is with deep regret that this business is no longer able to continue to trade and has ceased to operate with immediate effect.
"Our immediate priorities are to provide the support required by employees to enable them to make any necessary redundancy claims and to work with the management team and their clients to affect an orderly handover of incomplete projects in order to attempt to allow them to be progressed and completed by industry peers.
"Our role as administrators will be to maximise recoveries and realisations to make a distribution to Greswolde's secured or preferential creditors."
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