Jehu Group Restricted, Jehu Undertaking Companies Restricted and Waterstone Houses Restricted have ceased buying and selling and Begbies Traynor has been engaged to help the administrators in putting the businesses into administration.
104 workers throughout the businesses have been made redundant with impact from in the present day, with 5 members of employees being retained to help the administrators with their duties.
Delivering development and improvement tasks for registered social landlords (RSLs) and Native Authorities (LA’s) in Wales and the South West, Jehu Undertaking Companies Restricted had 15 dwell contracts with RSLs and LAs with a complete remaining worth in extra of £100m.
Waterstone Houses Restricted was a builder of high-quality houses that was delivering an extra two contracts for RSLs.
In the meantime, Jehu Group Restricted offers help providers for the varied group entities.
This marks the closure of one among Wales’ main development and improvement companies specialising within the social housing sector. The enterprise was established in 1935 by Jack Jehu and has remained family-run since throughout three generations, with a fourth technology additionally turning into a part of the workforce. Delivering fixed-price contracts with single digit margins that have been agreed earlier than the pandemic, the group’s money reserves have been decimated by value will increase in extra of 25%.
Huw Powell, managing companion at Begbies Traynor in South Wales, mentioned:
“This example underlines the crushing influence of the present inflationary setting on a longtime and profitable enterprise. Pre-pandemic, the group was extremely worthwhile and by 2019 had nearly £7million in internet property. It continued to win excessive profile tasks and was an award-winning enterprise. Nevertheless, delays in finishing tasks brought on by the pandemic and subsequent value will increase triggered a extreme cash-flow disaster that it couldn’t recuperate from, regardless of help from key stakeholders.
“It’s massively disappointing to see the group stop buying and selling in these circumstances and extremely regrettable that efforts to safe its future have been unsuccessful, the place the present political and financial turmoil counted in opposition to them. We’re conscious of the detrimental influence that this can have on the provision chain and hope that sub-contractors will be capable to work with the group’s clients to search out the absolute best options to finish present tasks.
“From our interactions with employees while we now have offered recommendation to the group, it’s clear that they remained loyal to and have been proud to work for the enterprise. Workers are after all devastated by in the present day’s information, and I sincerely hope that their observe file of delivering profitable tasks will stand them in good stead to achieve new employment shortly.”
The administrators of the businesses, Marc and Simon Jehu, mentioned:
“This can be a really devastating day for the enterprise began by our grandfather over 85 years in the past. Each doable choice to hold the enterprise alive has been utterly exhausted and it with desolate hearts that we discover ourselves with no selection however to stop buying and selling. We did every part doable to keep away from closure, however we have been preventing a battle that merely couldn’t be gained as a result of successive financial shocks of the previous couple of years.
“Our ideas are initially with our devoted colleagues who’ve misplaced their jobs, lots of whom have given greater than 25 years of service. We want to thank the loyal and steadfast purchasers and provide chain who supported us, usually carrying the added burden of those that sought to capitalise on our difficulties.
“We perceive this can be a worrying time for our colleagues, provide chain companions and clients. We’re working with Begbies Traynor to get the most effective consequence from an impossibly troublesome scenario.”
Additional updates shall be made when the knowledge is accessible. Within the meantime, collectors with pressing queries can e mail [email protected].
