Wellington Construction Limited has closed down after more than 30 years of trading.
Creditors of the Lowestoft contractor appointed liquidators from McTear Williams & Wood on Thursday (9 November) last week.
Founded in 1989, Wellington was a commercial and residential developer and construction contractor, with specialisms in land sourcing and planning, and heritage buildings preservation.
The business, described as one of the region’s “major building companies” in local media, was involved in large building projects in Lowestoft and Acle, as well as the construction of council houses in Bungay.
This year it had also bid for the construction of more than 100 houses in Bradwell, according to The Lowestoft Journal.
Company accounts for the year ended 30 April 2022 show turnover increased 37 per cent on the previous financial period to £20.1 million – but its gross margin fell from 5.5 per cent to 3.8 per cent due to ‘increased costs’.
Administrative expenses also rose, by 11.2 per cent, all resulting in a pre-tax loss of £93,862 (FY2021: £171,555 profit).
The East Suffolk business employed around 50 people who in recent weeks have reportedly been let go, it is understood.
The company website also appears to have been disabled.
McTear Williams & Wood was approach for comment.
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