The directors of Carcroft based Pennine Stone Ltd has written to all employees to inform them the company has ceased trading as of today.
In their letter the directors said company have made the ‘very difficult decision’ to cease trading and place the Company into creditors’ voluntary liquidation.
It adds: “BRI Business Recovery and Insolvency (“BRI”), a firm of independent insolvency practitioners, have been instructed to advise and assist in this respect.
“Accordingly, the Board has no alternative but to terminate your employment with effect from your last shift worked on Friday 1 October 2021.”
In a statement the directors said: “The directors of Pennine Stone Limited would like to reiterate that it is with deep regret that we advise that Pennine Stone will cease to trade today.
“We sincerely regret this situation, as the Company has been an employer in the North Doncaster area for over 20 years and is widely respected across the construction material supply industry.
“The business undertook significant subcontracts in 2019 and a mixture of delays, the pandemic, raw material price increases and delays in client payments have made the situation impossible.
“This is not a decision that has been taken lightly and the management team has been working tirelessly over the past 6 months to address issues without success.
"The Company would like to thank all of its employees for their hard work and dedication over the years and wish you all the very best in your future endeavours.”
Employees were told P45s will be sent as soon as possible. All employees will be paid wages up to their end date.
Whilst the Board, BRI and specialist employment advisors, ERA Solutions Limited (“ERA”), wanted to consult with all of the employees in person to notify them of their redundancy and to explain the reasons why, unfortunately, it was not possible due to logistical issues.
However, in order to ensure that all employees are well informed of their rights and the process of dealing with the Company, a meeting has been arranged for Monday 4 October 2021 at 10.30am at the Mercure Doncaster Centre Danum Hotel, High Street, Doncaster.