Paul Boyle, head of National Practice, and Tony Murphy, director of Harrisons Business Recovery & Insolvency (London) Ltd, have been appointed as joint administrators of R Bennett & Co, a Dudley-based building contractor and joinery manufacturer.
The firm, which opened its doors for business in 1945 and has been in the same family for four generations, provided a full service to the brewing industry, employed around 50 members of staff and reported an annual turnover of £7m in 2013.
Initially the company carried out maintenance works for Wolverhampton & Dudley Breweries plc, which remained one of its long-standing clients.
A tough economic environment forced R Bennett & Co to take every opportunity to boost declining revenues, which resulted in the firm winning large new contracts. However, these failed to deliver the high margins required to keep the business afloat.
Tony said: “We have tried every available option to sell this quality, long-established business; however, this has not been possible.”