Wiveliscombe building firm Stacey Construction sheds 60 jobs in cashflow crisis (From Somerset County Gazette)
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Wiveliscombe building firm Stacey Construction sheds 60 jobs in cashflow crisis
AROUND 60 jobs are being lost at a well-known building firm based in Wiveliscombe.
Stacey Construction told workers yesterday (April 23) that it was making all its roles redundant but said it hoped to employ roughly half of those affected in ‘new companies moving forward’.
In a statement, the company said: “The news is devastating for all concerned.
“The redundancies have been brought about due to two separate clients not paying their bills.
“These two excessively large unpaid amounts have reduced cashflow over a sustained period, which is no longer a tenable situation.
“It is an unfortunate side-effect of the economic climate that brings such situations out, resulting in many businesses being stripped of cash through no fault of their own.”
Managing director Shaun Stacey said he put the firm into administration* “to attempt to maintain some control” over the next two weeks and bring in further money to the firm.
The petrol forecourt construction division is one part of the business to continue as a new company, Mr Stacey added.
It is also hoped the firm can also continue to support Wivel-iscombe Rugby Club, which it currently sponsors.
The company statement added: “Credit should go to Shaun Stacey and his team who have worked tirelessly to try to do the right thing by everyone, for customers, staff, suppliers and sub-contractors alike.
“Shaun takes some solace from the fact that, while many directors of other companies in the same position move on and leave the mess behind them, he has made his life significantly harder to keep fighting and bring in cash for his suppliers and sub-contractors.
“The lives of those affected by this genuinely matter to him and he has done his absolute best in this respect.”
Mr Stacey said: “Many of the petrol forecourts and also motorway service areas we see today were built by Stacey’s.
“The first one, Sedgemoor Motorway Services Area along with Taunton Deane, are two many of us will have used.
“As a main contractor for Esso, Shell, BP, Roadchef, and Granada/MOTO over the years, Stacey sites extend nationwide across the network of motorways.
“The list is too long to name but you can’t go very far across the country without popping into a Stacey-built forecourt or motorway service area.
“With a small works division and a major contracting division alongside, many of us will have come into contact with the firm.”
The company, based on Station Road, was formed in 1967 by Mike Stacey. As it grew, it was incorporated into a limited company in 1986.
Mike’s son, Shaun, joined in 1983.
At its peak, Stacey’s turn-over reached £20million with the firm employing more than 120 people.
*In the print version of this story in the Somerset County Gazette, we reported that the firm was in liquidation. This change was brought about due to an updated statement sent out after we went to press.
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