Cash flow crisis kills off Wilson

Sutton-Coldfield based Wilson Group has collapsed putting more than 100 jobs at risk. Touche Ross has been appointed as receiver.

Wilson was active in building, joinery and property, but had seen its turnover dive by 60% in recent years to just over œ20 million. A cash flow crisis is understood to have left it unable to service the debt on its development activities.

Industry sources suggest its problems are also due partly to a management buy out from the Wilson family in 1988.

Executed at the height of the market, with turnover hitting œ50 million, they claim too generous a price was agreed for the company, which once had ambitions of a stock market flotation.

Beard Dove has been appointed as technical advisor to assist with the sale of œ4 million of contracts.

n Anglo Welsh Construction has gone into receivership. According to the most recent figures, the company turned over around œ8.9 million in housing during 1993, and had been rapidly increasing sales in social housing to stand at œ4.6 million. The sector has since been cut back sharply in two successive budgets.