A BUILDING firm has entered administration with debts of £2.6m.
Bowman, which was based in Cherryholt Road, Stamford, had already laid off most of its staff when it announced its intention to appoint an administrator last month.
The firm, established in 1886, entered administration on Friday last week.
The final four staff were made redundant, taking the total number of job losses to 53.
Joint administrators are Chris Stirland, partner at FRP Advisory LLP, which specialises in restructuring, recovery and insolvency, and David Broadbent, director at Evolution Business Recovery Services.
Mr Stirland said: “The business is not in a position to trade and so we will begin the process of orderly wind down.”
A spokesman for FRP Advisory LLP said: “Partners are now working to recover as much value as possible for creditors, who will receive notification of the administration during next week.”
A source from one of the creditors, who attended a creditors’ meeting last week, said: “The meeting was attended by about 20 people.
“Evolution advised they would be investigating Bowman’s affairs in detail and there was a suggestion a creditors’ committee may be formed.”
The administrators said Bowman had an annual turnover of £10m to £14m.
It had national and local clients and much of its work came from refurbishing heritage properties,
The company admitted last year that it was facing tough times. Chairman Peter Loft appointed a new managing director James Deacon to try to turn around the firm’s fortunes after a difficult couple of years.
Any creditors who are not contacted by the administrators and wish to be notified on any progress should e-mail firstname.lastname@example.org