Administrators have been called into a specialist construction company on Teesside.
A notice published in the London Gazette said licensed insolvency practitioners Andrew Little and Peter Gray, from Rowlands accountants, in Yarm, Stockton on Tees, have been brought in to look after the future of the Middlesbrough-based Forbes Group.
The company’s most recent financial reports submitted to Companies House showed shareholders’ funds had dropped from £885,598 to £470,797 between the year ending September 30, 2010, and the year ending September 30, 2011.
Cash at bank and in hand, meanwhile, had gone from £588,545 to £213,553.
Established in 1964 as H&J Forbes Ltd, the company has specialised in building refurbishment, renovation and bespoke joinery, delivering work across a diverse range of sectors, from retail to commercial to financial.
Its projects, meanwhile, have spanned from contemporary domestic to historic restorations.
At its Teesside base, Forbes’s in-house bespoke joinery division, staffed by highly-experienced craftsmen using cutting-edge equipment and techniques, has long been known for its ability to manage everything from design and manufacturing right through to supply and installation.
The company has operated locally and nationally, working with a huge range of high-profile clients, including the NHS, RBS, Halifax, Barclays and Enterprise Inns.
Its website says: “With an impressive annual turnover, we worked tirelessly for nearly five decades, consolidating our position as a financially-strong, uniquely-experienced and highly-innovative construction company. Our ability to deliver superior quality products and projects on time, and on budget, is renowned within the industry.
“We have grown exponentially not only at our base in Teesside, we also have an office in London and have extended our operational reach to bring our expertise to every part of mainland UK.
“We are driven by pride, professionalism and perfection in everything we do.
“Profits are never our prime motivation; 100% client satisfaction overrides all other considerations.
“Natural organic growth, stability and dependability overlaying innovation and excellence are what will take Forbes Group into a second half of a century of success.”
Neither the company nor the administrators were available for comment and it is not known yet whether Forbes is being dealt with as a going concern - or what the impact on jobs will be.