Fit-out and refurbishment contractor KelSco has gone into voluntary liquidation with an administrator appointed.

Neil Stanley, a director, blamed lack of cash flow. He said: 鈥淧eople are chasing their money straight away and cash flow is king.鈥�

The company expected a 拢3m turnover for the financial year ending April 2008, but Stanley said: 鈥淎ll our creditors wanted money at the same time and that brought things to a head.鈥� Net assets in 2006, the last accounts, amounted to 拢63,429. It was owed 拢143,299 by creditors.

KelSco now owes suppliers about 拢400,000. All supplies were said to have been used in commercial refurbishment.

KelSco鈥檚 eight staff are unemployed. 鈥淚t鈥檚 a tricky time of the year to find new work, just before Christmas,鈥� Stanley said.