Building and maintenance firm Contract Services (South Wales) Ltd has called in liquidators with the loss of 102 jobs.
The firm, which operated from Port Talbot and Caerphilly, said “unexpected cash flow pressures earlier this year” had forced it to call in business recovery firm Begbies Traynor to start liquidation.
The company, which had been trading successfully for the last 21 years, ceased trading on Friday, August 11.
Huw Powell, from the liquidators, said: “It is disappointing to see a leading Welsh business have to close its doors in this way after many years of successful trading, particularly one that prided itself on supporting a local SME supply chain, the communities it worked in and its employees through training and being an early adopter of the Living Wage.
“We will be writing to all creditors over the course of the next few days with details of the liquidation process.”
Mr Powell said the company, which will enter voluntary liquidation on Tuesday, 22 August, had been unable to raise the funding it needed to continue trading, despite an agreement in principle with the Welsh Government to assist.
Contract Services, which had a base on Pontygwindy Road, was named Business of the Year (over 25 employees) at last year’s Caerphilly Business Forum Awards and was also presented with the overall Premier Award.
Last year the company announced it had created around 38 jobs in Caerphilly as a result of a contract with Caerphilly County Borough Council to refurbish the interiors of council homes
The £18 million contract was awarded in late 2014 to refurbish properties in the Lower Rhymney Valley to the Welsh Housing Quality Standard.
The works include the renewal of kitchens, bathrooms, heating and re-wiring, and is part of a wider £200m scheme by the council.
what a shambles that this was allowed to happen but not surprised they do my kitchen and bathroom i have been waiting since may to have my bathroom floor to be redone i will not get done now