ECI Contracts Ltd has been placed in the hands of the administrators on 10th March by the High Court of Justice in London. The company that specialised in the placement of Qualified and Unqualified social care workers appointed Begbies Traynor to administer the assets of the business after the company concluded that it was no longer able to meet its debts. ECI Contracts is part of the ECI Human Capital group of companies which was once ranked as one of the UKís fastest growing companies in the UK.
The fact that ECI Human Capital won many awards in their 10 years in business and was posted as the 13th fastest growing company in the UK in 2001 by the Sunday Times demonstrates how far the business has fallen from their peak of 20m turnover.
The business which is owned and run by founder Ian Simpson saw turnover fall dramatically and as a result losses have grown unsustainable and the business has eventually had to be placed into the hands of the administrators.
It is not clear at this stage if the other businesses within the group can be saved but the fact that the companyís corporate offices were abandoned within the past month leaving significant debts to the landlord and other creditors was not a positive indication. ECI Contracts represented the majority of the groups turnover.
ECI Contracts Ltd has been placed in the hands of the administrators
.
