BOURNEMOUTH: Administrator Begbies Traynor has sold CG Pitcher & Son, which was in receivership, to Hazel and West (Dorset).
BOURNEMOUTH: Administrator Begbies Traynor has sold CG Pitcher & Son, which was in receivership, to Hazel and West (Dorset).
The company will still trade as CG Pitcher & Sons. The fourth generation family-owned building contractor's difficulties had been caused by over-trading leaving no cash to trade forward.
Julie Palmer at Begbies said: "CG Pitcher had grown from a turnover of £700 000 just three years ago to £5m very rapidly.
"When four contracts they were undertaking became loss making – in particular a £800 000 contract at Avon Castle – they did not have the resources on their balance sheet they required to carry on.
"The new business hopes to continue with some of the contracts that were being undertaken but the problems caused by over-trading have led to a significant downsizing."
