Bridge Business Recovery called in at Trak
Regional building contractor becomes latest casualty of the economic downturn, which has seen the construction sector shrink at the fastest rate in more than a decade
Insolvency experts from Bridge Business Recovery have been called in at Trak
Group, a privately-owned construction company based in Hemel Hempstead.
James Bradney and Alex Cadwallader were appointed as joint administrators
this week.
Trak was established in 1995 and carried out construction work within the
leisure, residential, industrial and commercial sectors across the UK.
The regional building contractor is the latest casualty of the economic
downturn, which has seen the construction sector shrink at the fastest rate in
more than a decade.
According to the restructuring specialists, the company is unlikely to
attract a buyer.
However, the administrators are hopeful that many active contracts will be
sold on successfully and anticipate a high level of interest.
Bradney said: ‘The well publicised impact of the credit crunch has hit the
construction sector hard. We will be working closely with the management to
preserve value.’