Robert Woodhead, an Edwindstowe-based contractor who worked in the East Midlands and South Yorkshire, confirmed he had gone out of business, resulting in the loss of the majority of his staff.
Accountancy firm RSM UK Restructuring Advisory has been appointed to the firm, with a view to placing the company in voluntary liquidation.
The company said the impact of rising prices throughout the supply chain and fixed-price contracts was the root cause for the decision.
The board of Robert Woodhead Limited said: ‘The directors are devastated to have to make this decision.
“Having worked tirelessly to mitigate these issues over the past few months, the business ultimately faced a series of cash flow issues over the past few weeks which proved insurmountable and concluded that the company could not continue its operations. activities.”
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A document seen by your Guardian revealed that employees received an email on Wednesday, September 14, saying directors had decided the company could ‘no longer continue to trade’ and that the jobs were being terminated with ‘immediate effect “.
About 120 staff members were reportedly affected.
Mark Spencer, MP for Sherwood, said: ‘It is devastating to hear that Robert Woodhead is going into voluntary liquidation, leading to many people losing their jobs.
“I will write to RSM, which I have been told is handling the liquidation, to remind them of their obligations to staff.”
Robert Woodhead had partnered with a number of local authorities on housing projects in the area, including Bassetlaw, Newark & Sherwood, Bolsover and Mansfield councils.
The latest accounts from Robert Woodhead Holdings, for the year to October 31, 2021, show pre-tax profit of £535,000 on sales of £44.3million, with the company employing more than 150 people.