An established building contractor that has carried out work in the restaurant sector in the past has gone to the wall, resulting in the loss of 23 jobs.
Leicester-based Philip James Ltd, which was founded in 1946, said it did not have the funding to continue the business after being hit by a downturn in business.
The company has carried out a wide range of building and maintenance projects on a national basis over the years, including working closely with restaurants and hotels. It also provided sub-contract services.
David Lowe, managing director of Philip James Ltd said the business had suffered from the general downturn in the building and construction sector, and struggled to secure economically viable contracts.
“We have done our best to keep the business going since the downturn but despite our best efforts we have not been able to keep it afloat,” he stated. “We are really disappointed and personally it is a sad day for me having worked for the business for over 45 years.”
Situl Raithatha of Springfields Business Recovery & Insolvency, which has been appointed liquidator of Philip James, added: “Due to the difficult trading conditions the company has experienced severe cash flow difficulties and in the absence of sufficient funding has been forced to close down and make all the staff redundant. Our strategy is now to maximise realisations from the company’s assets for the benefit of the creditors.”