Administators called in Naylor & Walkden
Unfortunately the administrators have been called in at Naylor & Walkden following a bad period for the company.
But 57 workers at the construction division have been made redundant as administrator KPMG shut the business down.
The contracting arm worked on new build and refurbishment projects worth up to £3.5m.
The company’s shopfit arm has been sold in a pre-pack deal to new company Naylor & Walkden Fit-Out Limited which has taken on 28 staff from the original company which is some reconciliation for the workers.
Paul Flint, associate partner at KPMG and Joint Administrator, said: “The administration of Naylor & Walkden is symptomatic of the prolonged turbulence within the economy which unfortunately has affected both main contractors and the supply chain as a whole within the construction industry.
“While we are delighted to have secured a sale of the shop-fitting element of the business, we are seeking interested parties for the remaining business and assets.”
The problem is we are seeing more and more Small-Medium-Enterprises going into administration especially in the construction industry mostly because of lack of understanding form the banks.