Sutton Coldfield-based company Hulse (Electrical Contractors) Ltd which had an annual turnover of £25m has gone into administrative receivership with the loss of 160 jobs.
The downturn in the construction is thought to be to blame for the firm’s collapse.
David Bennett and David Dunckley, of Grant Thornton UK have been appointed joint administrative receivers. They can be reached on 0121 212 4000.
The business was founded in 1985 and owned and operated by the Hulse family. The business had an annual turnover of around £25m.
Mr Bennett said: “Hulse had been suffering cash flow difficulties and although various solutions had been explored by the directors to save the business, none were ultimately successful.”
All 160 jobs have been lost across its offices in Sutton Coldfield, Glasgow, Oxford, and Bristol.
It worked on a number of hotel projects in and around Birmingham, including the refurbishment of the Crowne Plaza, plus commercial sites such as the Blythe Valley Business Park.
It was recently awarded a £1.8m contract to complete mechanical and electrical installation on the next phase of the Waterfront South development in Walsall. The project was due for completion next summer.
Readers may note that we have said the business is in "administrative receivership" as opposed to administration. The Hulse website also confirms this.
What exactly is administrative receivership then?
A receiver is appointed by a floating charge holder. and this only happens where a debenture has been created over the company prior to September 2003. Any debentures created after that date mean the holder has to appoint administrators. There are subtle differences in the two processes. Please read our detailed guide to administration to find out more.