Fifty jobs have been lost after an office fit out company ceased trading.
Administrators were called in at Paramount D&B which has offices across the South West.
The office fit-out and interior specialist had a turnover of just under £30m and employed more than 50 staff.
The company posted a notice on its website confirming the bad news.
The notice said: “Susan Clay and Huw Powell were appointed joint administrators of the company on 15 July 2024 and the company has ceased trading.”
“A moratorium has been placed over the companies as a result of our appointment. This means that no creditor can take legal action against the companies except with leave of the court.
“A licensed insolvency practitioner will be appointed to handle the process. It will be their role to identify and realise all of the company’s assets with a view to making distributions to creditors, where available.
WThe administrators will also investigate the reasons for failure and the conduct of the director in the lead up to insolvency and will submit a report to the Insolvency service in this regard.
“Once the administration process is complete, it may lead to another insolvency process, but ultimately the Company will be wound up with Companies House, its name removed from the register of limited companies and it will cease to exist as a legal entity.”
An independent review of the viability of completing works on existing sites will be undertaken as soon as possible and customers should contact dave.allerton@craigdam.com to discuss the company’s plans.
In many cases it is anticipated that it will not be viable to complete works, in which case sites will be handed back to customers, who will need to make their own arrangements.
Letters have been issued to employees made redundant by the company. The Administrators will send letters to employees explaining how they can make a claim against the Redundancy Payments Service as soon as possible after their appointment.
Attempts were made to sell the business as a going concern, but unfortunately, these were not successful. I
The proposed Joint administrators are not aware of any plans from the directors to establish a new company to complete the company’s projects and/or fulfil existing orders and are not in any negotiations to transfer any of the company’s business.
Paramount had a registered office address at Summers House, Pascal Close, St Mellons in Cardiff, as well as an office in Welshback in Bristol