A south Wales building and maintenance firm has called in liquidators with the loss of 102 jobs.
Contract Services (South Wales) Ltd has operated from Port Talbot and Caerphilly for the last 21 years. It ceased trading on 11 August, and called in business recovery firm Begbies Traynor to start the process of liquidation, reports the BBC.
The company has blamed what has been described as “unexpected cash flow pressures earlier this year”.
Huw Powell, from the liquidators, said: “It is disappointing to see a leading Welsh business have to close its doors in this way after many years of successful trading, particularly one that prided itself on supporting a local SME supply chain, the communities it worked in and its employees through training and being an early adopter of the Living Wage.
“We will be writing to all creditors over the course of the next few days with details of the liquidation process.”
He added that the company had been unable to raise the funding it need to continue trading, despite an agreement in principle with the Welsh Government to assist.
It will enter voluntary liquidation next Tuesday, 22 August.
