Jersey building firm JP Mauger has gone into liquidation, with the loss of 51 jobs.
It's the second major construction business to cease trading after construction giant Camerons collapsed at the end of February.
Staff, clients and subcontractors were told the news by email from the company, saying 'tough trading conditions' had made it 'increasingly difficult' for Jersey's construction industry.
"It is with great regret that we announce the closure of our business due to trading difficulties that we have been unable to overcome over the past three years, despite our best efforts.
Although there were potential turnarounds with considerable new projects about to commence, continuing would have posed a further risk to other employees, clients, companies and trade partners, which is something we can no longer consider."
The statement continued, saying that the business was saved from a near collapse in the 1990s.
"However, local market conditions, that stretch as far back as the 2007 recession resultant labour shortages have made it increasingly difficult for the construction industry in Jersey, and we have struggled to adapt.
As with everyone from 2020, we have struggled for profitable work. We made the decision in 2022 to continue trading, anticipating that considerable negotiated projects would commence."
The company's Managing Director Tadhg MacFirbhisigh, who wrote the email, says that he recognises the trust has been broken.
"We want to assure you that we will work closely with liquidators to try and minimize the impact of this decision. We will be in touch with you individually to discuss the next steps and answer any questions you may have.
It is with a heavy heart that we take this decision, but we can no longer consider our business viable."
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