Building firm Deerglen cease trading
BUILDING firm Deerglen has ceased trading and made its entire workforce redundant.
The company, which has recently refurbished the new State Street offices on Green Street roundabout and converted Liberty Wharf from a disused abattoir into shopping arcade, announced that it was being wound up this morning after 12 years' trading.
It is not clear how many staff the company employed, but it is thought to be around 15.
A statement released by Adrian Rabet, director of Moore Stephens Risk and Recovery Limited, said: 'The company, which completed some of the Island's most prestigious building projects, has reached a stage whereby it can no longer continue to trade without significant cash injections, which are not available in the current economic climate. Redundancies have been made in relation to all staff.'
It added that Moore Stephens was advising Deerglen (Jersey) Limited directors and revealed that the company was due to hold a creditors' winding-up meeting in the New Year.
'The directors have been attempting to find additional funding, but in the current economic climate they have been unable to do so and to their great regret they have been advised that there is no alternative but to take the course of action they have,' Mr Rabet said.
'All the staff have been advised of their rights under the new Social Security insolvency regime and they will be given all the assistance to claim the benefits due to them in accordance with the law.'
Full report in Wednesday's JEP
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