A Hull construction company has ceased trading with the loss of 11 jobs.
Frazer Carter Group, which traded from leased premises at The Deep Business Centre in Hull, specialised in the installation of cladding in large scale developments.
The company, which started trading in January 2016, called in administrators from Sheffield-headquartered Wilson Field to look into the ongoing viability of the company after experiencing cash flow pressures and a build-up of accrued expenses and arrears to HMRC.
Kelly Burton and Lisa Hogg from Wilson Field were appointed as joint administrators on October 13 following the decision to make all 11 permanent staff’s jobs redundant as well as releasing subcontractors.
Kelly Burton, director and licenced insolvency practitioner at Wilson Field, said: “The company was initially successful posting profits in its first year of trading.
“It originally relied heavily on sub-contract labour, but problems arose when developers withheld payments citing defective workmanship by the company’s subcontractors.
“Following this there was a breakdown in the relationship between the two directors / shareholders resulting in one resigning and leaving the company.
“Unfortunately, the remaining director saw little alternative but to cease trading.”
Valuations and advice on asset disposal was handled by Charterfields with legal services and advice from solicitors Shulmans LLP.