Trading as Stacey Construction and West Country Guns, the 47 year old group fell into administration on Thursday (24th April) due to cashflow problems.
Specialising in the construction of petrol stations, the Somerset-based company appointed joint administrators, Simon Thomas and Nicholas O’Reilly of Moorfields Corporate Recovery. The company ceased to trade last week, leading to 60 redundancies.
Administrators are currently seeking a buyer for the West Country Guns division, a retailer of new and used guns.
Joint administrator, O’Reilly, commented, “The former director [Shaun Stacey] has stated that he hopes to buy part of the business to continue the specialism in building petrol and service stations. We will be in discussions with him and any other interested parties about selling this division to raise further cash for creditors.” Mike Stacey, his father, owns 51% of the business, while Shaun owns 49%.
Turnover for the 12-month period ending July 2012 was £9.8million, down from £16.9million the year before. It’s believed the drop was due to large contracts finishing over the year.
We are not involved in the administration and questions should be directed to Moorfields who are handling the administration.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.