M&E contractor to be wound down after £2m loss

A Cannock building services company will be wound down after facing more than £2m of debt and rising costs.

TNA Electrical, which employed 29 staff, appointed administrators Conrad Beighton and Elizabeth Welch of Leonard Curtis who will manage the wind down of the business.

Founded by brothers Andrew and Neil Jones in 2009, the M&E contractor’s clients included the London School of Commerce, Warwick Business School, Capita, and CeramTek.

Leonard Curtis say it suffered bad debts of more than £2m during the last few years, as well as taking a hit when one of its largest contracts did not pay.

Rising material costs impacted the company, especially in cases where projects were awarded on fixed price tenders but continued beyond the original completion date. As a result, the business has had to absorb the substantial rise in materials costs.

In its accounts on Companies House, TNA made a £2.1m pre-tax loss, after reporting a £325k pre-tax profit with £27m of revenue the year before.