PKF called in as administrator for electrical firm
Brightlingsea electrical company Ruddocks which was established in the town 82 years ago has gone into administration with the loss of 35 jobs.The announcement was made by David Merrygold, Corporate Recovery Partner of accountants and business advisers PKF East Anglia, who has been appointed as the administrator.Ruddocks staff were told the news this week that the Essex firm, which has a turnover of £2-3 million, is to close. Already 21 staff have left and the remainder will leave at the end of the month.In its early years the High Street firm worked for the Ministry of Defence and Admiralty and eventually expanded into the commercial industry carrying out electrical installations.John Murphy, contracts manager who has worked for the firm for 20 years, said it was a very sad day and pointed to external factors that had brought about the closure.'Our demise was brought about due to difficulties obtaining money owed to the company from two major contracts, which badly affected our cash-flow position.'Although every avenue was explored to weather the storm the ultimate sad decision was to put the company into administration. It really is an end of an era,' he says.Administrator David Merrygold, who is based in PKF's Ipswich office, said: 'We examined the company's affairs but regrettably there is no possibility of it being saved - the directors had no option to close the business.'