A Cardiff-based contractor that provided design and technical services to the construction industry has entered administration, leading to the redundancies of 55 staff.
Jonathon Pope and Jane Moriarty of KPMG LLP were appointed as joint administrators to OpCo Limited on 17 June 2013.
Pope, head of KPMG’s restructuring team in Wales, said: “The economic downturn has negatively impacted the UK construction sector and these difficult trading conditions resulted in severe liquidity problems for OpCo, leading to the ultimate demise of the business.
“We are now in the process of realising the company’s assets, which consist of development land in Cardiff and Swansea, and a debtor book.”
OpCo effectively ceased trading towards the end of April 2013 – 55 members of staff were placed on extended leave at the time. Since the appointment of administrators, all OpCo staff have been made redundant.
The company’s latest accounts, for year ending 31 August 2011, showed a £30m turnover in 2011 with a pre-tax profit of £116,000 – down from £513,000 in 2010.
OpCo, established in 2001, operated across Wales and the South West of England, with offices in Cardiff. The company’s Exeter office was closed in Autumn 2012.
It had previously completed projects for clients such as Land Securities, Persimmon, Taylor Wimpey and Torquay United Football Club.