Pettifer update: contractor to be wound down

Administrators for collapsed contractor Pettifer Construction are winding-down the firm after admitting no buyers are interested in taking-on the company as a going concern.

Pettifer’s individual contracts will now be sold on a piecemeal basis as KPMG oversees the demise of the 50-year old Warwickshire firm.

The firm is believed to have been working on at least 6 contracts when the administrators were called in.

The vast majority of the 111 staff have already been made redundant following the appointment of receivers yesterday.

Mark Orton, joint administrator from KPMG Restructuring said: “While Pettifer Construction is a recognised brand within the industry, the nature of this business means that we will be seeking to wind it down over the course of the next few weeks.

"Regrettably, this has meant that significant redundancies have been made.”

Pettifer suffered cash-flow problems as work dried-up. 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.