Pettifer Construction in administration, 120 redundancies

120 Pettifer Construction staff have been made redundant after the firm went into administration yesterday (Wednesday).

Group chairman Brian Pettifer warned of further job losses as the group prepares to put its other divisions into administration.

The group is currently trying to sell the PCM consulting business which employs 85 people.

The contracting division ran into problems after the banks pulled short-term cash funding.

Chairman Brian Pettifer said: "The new management team of Pettifer Construction led by Chris Pape made great strides in resolving past issues and had generated a robust pipeline of new contracts starting in the New Year, however regrettably funding could not be secured to fund our short term cash requirement. 

 
"I would like to pay tribute on behalf of the directors to all our loyal staff, many of whom have worked for the company for a considerable period of time, and of course to our supportive clients and suppliers. 
 
"I can confirm that this does not affect our investment business, Pettifer Investments Limited, which includes a number of retail and land assets as well as the Vertical Theme Park concept for which we own the global rights."