Achi news desk-
Craig Morrison and Ian Wright, managing directors and insolvency practitioners at advisory firm Quantuma, were appointed liquidators of Royal Oak Tree Services on March 25.
A statement noted that although the arborist and arborist focused on forestry work, he also had a contract worth around £1 million with Amey for grass edging.
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The liquidators said that although the contract had been loss-making, directors had recently managed to resolve the problems and were confident of generating enough cash flow to meet creditor obligations. They were also in the process of agreeing payment plans.
However, in March, pressure from creditors disrupted the company’s ability to service its major contract, leading workers to walk off the site.
Mr Morrison said: “It is with great regret that Royal Oak Tree Services have been forced to cease trading due to a series of challenging circumstances. A combination of cash flow challenges have meant that the business cannot continue. As joint liquidators, our first priorities have been to provide appropriate support to those whose jobs have been affected.”
