Specialist fit-out contractor JM Scully has filed a notice of intention to appoint an administrator.
The Dorset-based, second-generation family-owned contractor ceased trading last week following financial problems.
Latest results filed at Companies House for the year to 31 March 2022 show a turnover of £23m generating a pre-tax loss of £2.3m.
In an email sent company-wide, Shirley Scully, business adminstration director at JM Scully said: “As many of you are aware, rumors in the market have been circulating around financial health of the company.”
The company blamed the loss due on a single project worth £1.3m, adding that the project was “subject to a full internal investigation and the board has made changes subsequent to the year end to ensure that this is not repeated”.
JM Scully was established in 1983 by Mike Scully with just a handful of employees and is now run by Mike’s son, Michael Scully.
The firm specialised in the retail, commercial and leisure sectors.
The company had a pipeline of £29m as of March 2022, as well as 61 staff.
Previous clients of the company include Boots, Co-Op, Forever 21, Argos (pictured), Vodafone and Gymbox.
Writing to employees, Shirley Scully wrote: “We are devasted by the outcome.”
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Catrin Picton