Nationwide insolvency practitioners SFP appointed administrators over Olympus Construction Wessex Ltd after the company hit severe cashflow issues. The Devonshire-based construction company employed approximately 35 people at its offices throughout the West Country.
Olympus Construction was first established in 1995 by director Trevor Barfoot and had building maintenance contracts with Britannia Building Society. SFP's Daniel and Simon Plant - both licensed members of the Insolvency Practitioners' Association - were appointed joint Administrators of the company on January 17th 2011 and the company was closed on 24th January 2011.
Simon Plant, Group Partner at SFP, says that with the construction industry still being hugely affected by the troubled economy, insolvencies are an unfortunate matter of fact: "With the Government cuts still to hit, it is highly likely that more construction companies will fail over the next year," he says.
"The management of cashflow is a critical issue for business survival, as this was a major cause of Olympus' decline.
"We have been able to sell the company's assets to a third party and it is hoped that they will retain some of the existing staff for future business."