Wednesday, February 11, 2009

Nextek UK in liquidation as a result of slow payment

Fifty jobs have been lost after building contractor Nextek UK went into liquidation as a result of the money going out faster than it was coming in.

Nextek UK is based at Thrupp near Stroud and was founded in 1999. It had 100 employees at peak.

Managing director Mark Smith told the Stroud Life newspaper: "It is a sign of the times. General construction and shopfitting works have effectively ground to a halt and that has had a massive impact on cash flow.

“Although the company actually remains profitable, we have just physically run out of cash because we haven't been paid quick enough and our suppliers want to be paid quicker."

Those who have lost their jobs include 40 electrical, building and plumbing tradesmen and 10 office staff.

Liquidators Hazelwoods hope to secure as much employment as possible by transferring contracts to other firms in the area.

Liquidator Phil Gorman said the creditors meeting would take place on 24 February in Gloucester.

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