Asset auctions relating to SHN Joinery Ltd and Kestrel Joinery Company Ltd are being held after the companies found themselves in financial problems.
Normanton-based SHN Joinery had a turnover of about £8m and worked on some of the UK’s largest projects, including the English Institute of Sport in Sheffield, working with some of the largest UK building contractors such as Willmott Dixon and Balfour Beatty.
The company was the subject of a voluntary creditors’ liquidation on October 3. Aldershot-based Kestrel had a turnover of about £1m and was located on a site where a joinery workshop had existed since the late 1800s.
“It is a sickening blow to the sector to see companies such as these unable to continue and a stark reminder for how hard the trading conditions are,” said BWF chief executive Iain McIlwee.
“The construction market remains exceptionally tight, with public sector cuts biting deep and private sector recovery stuttering.
“Late payment remains endemic, with recent reports suggesting on public sector projects alone, 85% of contractors are paying late. This shameful practice puts additional and unwelcome pressure on our sector.
“We urge all companies to remain focused on credit and cash flow and if they are having problems to get in touch with the BWF; the right advice at the right time could make all the difference.”
