Jistcourt employs close to 70 people
Loss-making contracts and mounting debts have brought another contractor to the brink of collapse with Welsh firm Jistcourt filing an intention to go into administration.
The 拢13m turnover, family-run firm was established in Port Talbot in 1980 and employs 66 people 鈥� with close to 50 staff already losing their jobs.
Huw Powell, a partner at Begbies Traynor, who is set to be made co-administrator, said: 鈥淛istcourt has been trading successfully for almost 40 years but a number of challenging, loss-making projects have recently adversely affected its cash flow.
鈥淒espite a strong order book, this has left the business with a legacy of debt and no way of rectifying the situation.鈥�
He added: 鈥淭ogether with the remaining staff, Jistcourt鈥檚 directors will be working with clients on remaining live projects to bring them to a workable conclusion.鈥�
Last month the housing and local authority specialist opened a new office in Bristol after winning a 拢6.2m contract with the city council for a three-year maintenance programme.
The new office was headed up by Matthew Legg, who joined the firm in November after spending six years as a senior project manager at Lovell.
According to documents filed at Companies House, Jistcourt made a pre-tax profit of 拢4,023 in 2017, the last year for which it filed accounts, having lost 拢190,637 the previous year.
Earlier this year, Dawnus, based down the M4 in Swansea, went under. The 拢172m turnover firm employed 700 people.
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