A father and son venture in York which designs and builds sports centres has collapsed, leaving debts of about £300,000 to unsecured creditors.
Nigel Record, managing director of Recro Structures Ltd of Skeldergate, York, and his father, Arthur, who started the business in November, 1987, injected about £100,000 of their own money into the firm, which was employed mostly by local authorities.
But it went into voluntary liquidation after contract delays and pressure from creditors, said Tim Calverley, of liquidators Jacksons Jolliffe Cork in Clifford Street, York.
Mr Calverley said that there were now negotiations with an Essex contractor for whom the firm had almost completed a project and, as a result, secured creditors, like the Inland Revenue would be paid in full the £16,000 owed.
"But I'm afraid it looks like the unsecured creditors have lost out," he said.
Updated: 11:06 Saturday, March 29, 2003
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