Coventry-based CJ Haughey Construction, the groundworks contractor, has fallen into administration, citing 'over-ambition' as the reason for its demise.
Founded 11 years ago by Chris Haughey, the firm has blamed the taking on of a £17 million contract at Pembroke Power Station for the administration, calling it a 'bridge too far.'
Haughey said, “Our targets were in hindsight probably too ambitious and a project of the magnitude of Pembrokshire combined with the economic downturn proved too much and has unfortunately spelt the end of the company.
“I am personally devastated and it is with regret that the company has been placed in administration with the loss of so many jobs,” he added.
Accountants Poppleton and Appleby have been called in as administrators. Martin Coyne from the Coventry office of Poppleton and Appleby, said that CJ Haughey Construction had become a victim of the downturn in construction. He added that he was 'currently reviewing the business, its contracts and work in progress.'
Meanwhile, Simon Hart, MP for Carmarthen West and South Pembrokeshire, said that whilst the administration of the construction firm was unfortunate, it was an 'isolated incident.' He warned people 'not to panic' and 'think that Pembroke Power Station has gone bust.'
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