In an announcement made last night on the Stock Exchange’s regulatory news service, WSS said it was ‘advised that it cannot, by reason of its liabilities, continue its business.’
WSS will hold an extraordinary general meeting with its creditors and shareholders on in two weeks to voluntarily wind up the company.
A spokesman told Accountancy Age the board was ‘looking at several options’ and would put its decision to a vote at the upcoming EGM
On Wednesday, the company’s shares were suspended pending ‘financial clarification.’ But signs of turmoil were visible early in February, when chief executive Michael Farnan resigned as chief executive officer and left suddenly 15 days after the first board change announcement. Originally, he had intended leaving in August.
Farnan was replaced by Matthew Patten with immediate effect.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies