23 June 2016 | Jamie Harris

Maintenance firm EIC Limited of Alcester in Warwickshire has gone into administration, following poor trading performance.

Last week, business advisory firm AlixPartners LLP appointed joint administrators over the company, which previously reported £80 million in turnover and has a workforce of 400 people.

In a statement, the administrators said the company’s financial distress was down to ”increasing pressure from its creditors as a result of a poor recent trading performance, underpinned by an ever-increasing competitive market”.

“After exploring all options available, management concluded that the cash pressures were too great and there was no alternative but to place the company into administration. As a result the business will cease to trade with immediate effect.”

The news comes despite the company having won a sub-contract last year to deliver all planned and reactive maintenance work at 42 of the Ministry of Defence’s estates in south-east England.