Insolvency and corporate recovery group Leonard Curtis has been appointed as the administrators of a 180-year-old construction business.
Andrew Duncan and Neil Bennett, directors at Leonard Curtis, were appointed as joint administrators of Boshers Master Builders on January 13.
The Oxfordshire-based building company is still owned and operated by descendants of the founding family.
Leonard Curtis said the company has now ceased trading and the majority of the staff have been made redundant.
Boshers specialised in high-end building projects, from the restoration and refurbishment of listed and historic properties to the construction of new, contemporary buildings.
The administrators said the company’s business model, which retained tradesmen as employees rather than sub-contracting to third parties, made the company less competitive when quoting for new work.
It also said the loss of zero-rated VAT status, which previously applied to renovation and repair work on listed buildings, and came into effect in September 2015 had a major impact on workflow.
Duncan said: “It is sad to see the demise of a historic Oxfordshire family business, such as Boshers.
“A fall in turnover caused by difficult market conditions and a high fixed cost base meant that the business model was no longer viable and the firm was unfortunately forced into administration.”
Dan Bosher, owner and director at Boshers, said: “We have worked extremely hard to save the business and are disappointed that it has come to this.
“We would like to thank all of our valued employees together with a number of subcontractors for their loyalty, hard work and commitment over so many years.”