Joinery and shopfitting firm Swift Force has ceased trading after administrators were unable to sell the business as a going concern.
The last vestiges of the Letchworth-based company, including a substantial level of Wadkin machinery, were acutioned off on April 19.
The company had suffered an arson attack in 2009. Delays in receiving insurance compensation following the fire, coupled with adverse trading conditions and a decline in demand for wood products were blamed for cashflow problems.
“Interest in the business did not transpire into a formal offer and the company ceased trading as a result. Regrettably the administrators had to immediately make all seven staff redundant,” said joint administrator Peter Wastell, of FRP Advisory
“Our strategy now is to focus upon the best means for maximising realisations for creditors.”
