According to reports in the Daily Mail today, Prince Edward has been unhappy about about the rising cost of refurbishing the 50-room mansion he shares with his wife Sophie in Surrey.
The work was being carried out by CJ Sims Limited, a family-owned business, based in London, employing 90 people specialising in high-quality refurbishment.
The paper quoted a royal source which said the bill for the work was at present 30% higher than the original estimate.
Keith Goodman and Stephen Swaden, partners at insolvency specialist Leonard Curtis, were appointed administrative receivers on January 31.
Goodman commented: ‘Wafer thin margins arising from fierce competition for contracts, leaves little room for error and any problems on site may be enough to irreparably damage a basically sound business.
‘That is exactly what happened here. We hope to continue operating financially viable sites whilst looking for a buyer for the business.’
Byers publishes Insolvency Bill but drops clause requiring creditors to give notice before appointing receivers