Sheffield construction company C R Gibbs & Sons (Sheffield) Ltd has gone into administration with the loss of 49 jobs.
John Russell and Chris White, partners at The P&A Partnership, Sheffield, who were appointed joint administrators on May 31, have confirmed that the business had ceased trading and that all employees have been made redundant.
Chris White said: “C R Gibbs & Sons is a well respected Sheffield business that has unfortunately been a casualty of both the downturn in the construction sector and cuts in the public sector. The majority of its contracts were within the public sector, including schools, universities and NHS Trusts.
“P&A have been offering support by assisting staff with claim forms for redundancy payments and other entitlements.”
Chris White added: “These are tough times for any business. I would advise companies that are concerned about their trading to ask for help from an accountant or other professional. Sometimes having a fresh pair of eyes on your business can help. Critically, the earlier you bring in an expert with an outside view, the better chance of either re-financing or turning around the business. The longer you leave it the less likely a rescue can be found.”
The P&A Partnership is a leading specialist business turnaround and insolvency firm with offices across the UK and in London. Their support for businesses includes restructuring, finance brokering, debt collection and selling assets.