Wrekin Construction Group placed into administration.
It seems Wrekin, which was established in 1960, is about to go into administration because RBS will not lend them a short-term loan of £2million.
The bank has refused, despite being 70 per cent owned by the Government and having recently accepted a bailout of £20billion in taxpayers’ cash.
A spokesman for the building firm said:
Wrekin has an overdraft facility of £4.25million and we were overdrawn by £2.8million. However, winding-up petitions have resulted in the accounts being frozen. The current order book, up to the beginning of March 2009, was £40million. Today, we have received two new orders, each valued at £5million a year for the next five years.
Possible job losses of 500 people.
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