Building services contractor ABS London has ceased trading and will be put into liquidation by the directors.
The London-based contractor has come under increasing pressure during the recession with two county court judgements made against the company in recent weeks totalling £12,924 – one on 9 March for £1,840 and one on the 10 March for £11,084.
The directors took the decision to stop trading this week and will put the firm into voluntary liquidation in two weeks’ time, on 14 April.
All 45 staff have been made redundant at the £24 millionturnover firm, which was formerly
called Airtech Ltd.
Panos Eliades of administrators Panos Eliades Frankin & Co said: “The company has ceased trading. A meeting of creditors has been called for 14 April when the firm will be put into liquidation under the Insolvency Act 1986.
“About 45 staff have been made redundant. Only a handful of staff have been kept on to answer the phones.”
According to its website, ABS offered a complete design and contracting service covering all aspects of air-conditioning and M&E works to suit applications for offices, computer rooms, laboratories, hotels, factory areas and many other building requirements.
The firm has also been sponsoring teenage Olympic diving gold medal hope Tom Daley,
providing him with an all-year round fully expensed vehicle for his travel to training and competitions.
There is little mention of jobs won on the website with the exception of a £3.2m project to
refurbish Camomile Court – a 75,000 sq ft office redevelopment adjacent to the Heron Tower site in London.
The company has not filed accounts for nearly two years, with the most recent figures for the year to 31 March 2008.
Those figures did not include a turnover, but the directors said that they estimated turnover for 2009 would be in the region of £24m.
The accounts show the firm’s pre-tax profit increased to £533,561 from £179,624 the prior year which the directors said was down to a 29 per cent increase in turnover.
Construction credit reference agency Top Service said it had been monitoring ABS London for a number of weeks.
Director Emma Bridges said: “A number of our subscribers had asked us to monitor this company. It was no surprise to us when they announced they had ceased to trade.”