Leeds-based construction firm Torsion Projects Limited has ceased trading and entered administration, resulting in the redundancy of all 54 employees.
Established in 2015, the company specialised in the construction of care homes across the UK and formed part of the wider Torsion Group.
The company had experienced sustained cashflow difficulties following the termination of several contracts, leaving it unable to cover its operating costs. Despite efforts by the directors to secure fresh investment, the business was unable to continue trading.
All construction sites were handed back to developers or funders before James Clark and Rick Harrison of Interpath were appointed as joint administrators.
James Clark said the company’s financial difficulties had become insurmountable and confirmed that support was being provided to affected employees.
The collapse follows the administration of fellow group company Torsion Construction Limited in July, which provided contracting services to Torsion Developments in the student accommodation sector.
However, Torsion Developments Limited and Torsion Care Limited are not in administration