Wisbech’s Economy Windows forced into voluntary liquidation amid ‘financial difficulties’ and ‘falling sales’
- Credit: Archant
Wisbech-based Economy Windows has gone into liquidation after encountering financial difficulties, falling sales and high overheads, the director has revealed.
The 30-year-old firm on Elm High Road was left padlocked shut and staff were told not to return to work earlier this month without any warning.
The company director, James McClure, has since revealed why and has released a statement via his accountants, Baldwins, on Wednesday, February 26.
Mr McClure said: "It is with deep regret that we have had to cease to trade.
"We have made every effort to try and reverse the effect of declining sales in a depressed market place by cutting overheads wherever possible, but it proved insufficient to address the position.
You may also want to watch:
"I had no alternative but to seek professional advice, which has culminated in proposing a creditors voluntary liquidation."
The company, which installed a range of doors, windows and conservatories, employed seven members of staff, including director James McClure, who have all been made redundant.
- 1 Teenager, 16, threatened young couple with screwdriver in park
- 2 Lorry driver who died in B1085 crash named
- 3 Rainbow alliance hoping to bring sunshine to the Fens
- 4 Marathon runner passes through Cambs on route to Kathmandu
- 5 Pets saved in horrific rescue start to be rehomed
- 6 Pupils thrilled to take next step towards England dream
- 7 Drug dealer hid £130,000 at home
- 8 'It was as if Covid didn't exist' - Latitude-goers report positive tests
- 9 Wisbech nightspot up for sale for £410,000
- 10 'Savage' attack left man without spleen
The company directors have instructed Baldwins Accountants to begin the process of proposing a creditors voluntary liquidation.
Margaret Carter, associate director at Baldwins, is overseeing the process.
She said: "We understand from working with the director that he has made every possible effort to minimise the immediate loss of pay to four days' work for each employee.
"We expect the company to formally enter liquidation by March 6 2020, after which claims for arrears of wages, outstanding holiday pay, compensation for loss of notice and redundancy pay will be processed by The National Insurance Fund.
"The company does not take up front deposits, meaning no customers have been left financially out of pocket."
The site has been cleared and one ex-employee tells us how they "have the receivers in" to clear up the premises.
Wishing to remain anonymous, the former employee said: "Everyone has gone, we all came in one day and were told not to come in the next day.
"We didn't get our last pay cheque and they have now got the receivers in."
According to Companies House, director James Anthony McClure registered a limited company named Britannia Developments Ltd on February 11.
Mr McClure is the registered director and secretary of the new company which describes its nature of business as the 'development of building projects'.