Nicky Fisher and Chris Herron have been appointed Administrators of Ellis Building Contractors Ltd, a major builder in Eastbourne.. Although the company is owed around £1m from completed projects, the company’s debts have reached an unmanageable level.
Redundancy notices have regrettably been issued to most of the office staff; the rest of the team have been retained to complete partly finished work in an attempt to optimise the result for creditors and minimise disruption for clients. In the meantime the entire business is up for sale.
Tough trading conditions, a project with heavy cost overruns, protracted client account agreements and new project delays had left the company in severe difficulty. In January the company attempted to reach an informal payment arrangement with its creditors to allow time to get money in from completed projects but unfortunately, despite incredible creditor support, a number of creditors rejected the proposals making it impossible for Ellis to continue.
Creditors will be contacted by the Administrators shortly.