A Bristol-based construction company has entered administration, leading to all eight company staff being made redundant.
Paul Alan Construction Ltd generated revenues of approximately £1m in 2012 and 2013, but suffered a shortage in work before ceasing to trade.
Administrators are now seeking a buyer for the business.
Tim Ball and Rod Weston of Mazars were appointed joint administrators to Paul Alan Construction Ltd on January 15.
Ball said: “The business has struggled to remain competitive and has been undercut by competitors.
“It quoted for many jobs in the lead up to its ceasing trading which did not result in orders.
“In many cases, customers have been deferring the decision to have work undertaken, reflecting ongoing uncertainty in the general economy and the individual’s concerns about the future.
“The company has operated with tight margins and, as of the date of our first consultation with the company’s director and accountant in early January 2014, it had outstanding liabilities to HM Revenue & Customs, sub-contractors and suppliers which it could not satisfy and from whom it was under increasing pressure.
“The business has now ceased to trade and the process of placing the company into administration commenced on January 7, 2014. All of the staff were also made redundant on that day. Excluding sub-contractors, the company had eight employees.”