A Somerset–based firm specialising in the construction of petrol stations has entered administration.
Stacey Construction Limited, which also operates as a supplier of services to the construction industry, entered administration after suffering cash flow problems.
Simon Thomas and Nicholas O’Reilly of Moorfields Corporate Recovery LLP were appointed joint administrators of Mike Stacey Limited, trading as Stacey Construction and West Country Guns, on 24 April.
60 of the company’s staff were made redundant on Wednesday last week (23 April) following an announcement that the company would be entering administration.
The company also operated the separate division West Country Guns, a retail business for new and used guns. Administrators are currently seeking a sale of the business.
O’Reilly said: “Stacey Construction was a well-established business which has built a strong reputation over 47 years.
“Unfortunately lack of available cash meant that we could not continue to trade the business on our appointment. We are currently seeking a buyer for the retail division West Country Guns.
“The former director has stated that he hopes to buy part of the business to continue the specialism in building petrol and service stations. We will be in discussions with him and any other interested parties about selling this division to raise further cash for creditors.”