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Interpath Advisory has announced that Steve Absolom and Nick Holloway have been appointed as joint administrators of Hitchcock and King Enterprises Limited on 31 July 2024.
Trading for over 50 years, Hitchcock and King is a well-known builders and timber merchant operating from six sites across London in Ashford, Burgh Heath, Fulham, Hammersmith, Streatham and Twickenham.
In common with many other companies across the building and construction industry, the company had faced difficult trading conditions in recent times, including the impact of rising costs and decreasing margins.
Over recent months, the directors sought to explore options, including a sale of the business, but a solvent solution was unable to be found. The directors therefore took the difficult decision to seek the appointment of administrators.
The joint administrators will continue to trade the business for a short period in order to sell the remaining stock and explore other options for the broader business.
They have retained 37 of the company’s employees to assist them in trading. However, a further 27 members of staff have been made redundant.
Absolom, managing director at Interpath Advisory and joint administrator, said: “Whilst Hitchcock and King will remain open for business in the short term to clear through the stocks of building supplies, there’s no doubt that this is an extremely sad day for this long-running family business and its team of hard-working, loyal employees.
“We will provide support to all those impacted by redundancy, including supporting them in making claims to the Redundancy Payments Service.”
