Liverpool building firm appoints administrators
Liverpool building company Ensign Contractors has been placed into administration reports BusinessDesk.com.
The business, which was based at Crosby Road North in the city, was set up more than ten years ago by director Freddy Peacock. It had carried out a range of new build, restoration and civil engineering projects in the local area, including work for the University of Liverpool.
Gary Corbett and Darren Brookes from Hale-based insolvency firm Milner Boardman & Partners were appointed as joint administrators of the business on September 29. The firm was contacted, but it was not available for comment.
A new survey by accountancy firm Deloitte showed that the number of property and construction firms being placed into administration in the third quarter of 2011 increased by 11%.
Sean Beech, real estate industry partner at Deloitte in the North West, said:
“Property and construction have been two sectors hardest hit by the current economic uncertainty.
“Rising energy prices and significant cuts to public and private sector building projects have brought a large amount of planned projects to a grinding halt.
“The next quarter is going to continue to be tough for the construction sector and will particularly hit medium-sized firms, as opposed to the larger national contractors.
“The property market continues to remain flat, and reflects the current concerns around unemployment and declining incomes.
“We are already seeing sentiment turning and property yields falling off, which is being evidenced by deals either not completing or ‘price chipping’ by purchasers before they commit to complete.”