Matt Howard and David Merrygold of PKF Accountants & business advisers have been appointed Joint Administrators of the firm.
The administrators said they are “reviewing the available options and will explore the possibility of selling at least part of the business as a going concern.”
J.S. Hay has provided construction and joinery services for over 50 years to customers throughout East Anglia.
Its main clients are local authorities and housing associations but it also undertakes high quality construction work for private clients ranging from new builds to complete renovations.
The £10m turnover firm has made 29 staff redundant and is believed to owe creditors £1m.
J.S Hay managing director Rob Lockhart told the Norwich Evening News: “This has been a very difficult time for everyone involved with JS Hay.
“Placing the company into administration has not been easy, but it provides the best chance for safeguarding some of the jobs here and repaying the creditors. I’d like to thank all the staff and customers for their loyal support.”
Howard said: “Despite an excellent reputation for the quality of its work and high level of customer service, the depressed state of the construction sector generally has had a detrimental effect on J.S. Hay’s current financial position.
“This was compounded by some significant bad debts in recent months, which resulted in the directors seeking advice about the company’s options.
“As administrators, we are charged with securing the best possible return for creditors in very difficult circumstances.
“We are reviewing the available options and will explore whether this duty can be fulfilled by selling at least part of the business as a going concern.
“We will also consider offers to purchase specific assets, such as the office and workshop premises, vehicles, plant, office equipment and raw materials.
“We will aim to safeguard as many jobs as possible but redundancies are, unfortunately, inevitable. We have already spoken to staff to explain the situation and are offering help and guidance to them all.”
Anyone interested in acquiring the business or assets should contact Stuart Morton on 01603 75692