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Asset stripper that closed Contrad is shut down
16:22 05 May 2004
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The asset-stripping organisation that caused the collapse of
Contrad Construction has been shut down following a Department of
Trade & Industry (DTI) investigation.
London-based John Guilding (UK) and associated companies used deception to gain control of several businesses before plundering their cash reserves, selling their assets and, in some cases, leaving employees without jobs.
Contrad Construction, which had traded successfully since 1975 from offices in Sunbury on Thames, employed more than 50 staff prior to Guilding's takeover.
The representative of Guild-ing, disqualified director Roger Miller, lied about the financial resources of the firm and conned the directors of Contrad into signing over control of the business. The cash reserves of Contrad were then plundered. The contractor ceased trading in November 2002 and was liquidated this March.
A Hove-based accountancy services company associated with Guilding, LS Corporate Services - run by struck-off accountant Hugh Heskett Lucie-Smith - was also wound up.
London-based John Guilding (UK) and associated companies used deception to gain control of several businesses before plundering their cash reserves, selling their assets and, in some cases, leaving employees without jobs.
Contrad Construction, which had traded successfully since 1975 from offices in Sunbury on Thames, employed more than 50 staff prior to Guilding's takeover.
The representative of Guild-ing, disqualified director Roger Miller, lied about the financial resources of the firm and conned the directors of Contrad into signing over control of the business. The cash reserves of Contrad were then plundered. The contractor ceased trading in November 2002 and was liquidated this March.
A Hove-based accountancy services company associated with Guilding, LS Corporate Services - run by struck-off accountant Hugh Heskett Lucie-Smith - was also wound up.
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