Northamptonshire construction firm ceases trading - 29/06/2012

A construction company based in Northamptonshire has revealed it is set to close down.

Insolvency managers said Wright & Smith (Northampton), of Whiston Road, Cogenhoe, will be shut down as a result of the debts it owes to many small businesses.

Ian Cooke of Business Recovery and Insolvency released a statement noting it is "saddening" to see the firm fail, reports the Northampton Chronicle and Echo.

"We can't be specific about how much was owed or to exactly how many people, but I can say there will be quite a few local suppliers and subcontractors affected," he said.

Mr Cooke added all of the creditors have been written to and informed of the situation with the business, which had been running for the last 50 years.

Earlier in the month, it was noted by Blair Nimmo, head of restructuring for KPMG in Scotland, that the construction industry has been hit harder by the recession than most sectors.

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Posted by Michael Beam

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