A Bristol-based property refurbishment and maintenance business has entered administration.
Following a management buyout from Connaught Group in 2002, Matrix Solution was established and recorded historical annual turnover of up to £20 million.
The company carried out a range of car park and refurbishment work, as well as working on projects such as flood damage and fire repair work on behalf of insurance companies.
Approximately 30 people were employed at its head office in Bradley Stoke, and other sites in Taunton, London and Leeds, although no redundancies have as yet been confirmed.
An additional workforce of around 50 sub-contractors also supplied services for the company.
David Bennett and Nigel Morrison of Grant Thornton, were appointed as joint administrators to Matrix Solutions.
Morrison said: “Despite the obvious evidence that an economic recovery is in place, there remains much fragility among smaller companies which in many cases are unlikely to be able to compete as recovery accelerates, because they do not have the necessary capital infrastructure or working capital facilities.
“Matrix Solutions UK Ltd. is in a high turnover, low margin sector, and is strongly associated with construction and retail, both industries which have suffered in the current recession.
“We are making enquiries about a potential sale of the business, but unfortunately there will be numerous redundancies whatever the outcome of these discussions.”