Knights Warner closes with 50 job losses
A construction company has closed with the loss of 50 jobs at its Norfolk and Suffolk sites.
A statement issued by Knights Warner Ltd said it ceased trading on Tuesday and added the "difficult decision" was a result of the economic downturn.
Thirty staff in Lowestoft and 20 in King's Lynn have been made redundant.
The statement also said the company would be unable to complete work on a number of outstanding contracts at sites across the region.
It added: "In order to remain competitive and win contracts, the company had to work to ever-reducing margins and, as a result of this, and not being able to satisfactorily agree the final accounts on several large contracts, the continuation of the business was no longer viable."
Knights Warner recently secured contracts on housing developments in Norfolk, valued at £770,000.
It was also carrying out the refurbishment of Gisleham Middle School and Denes High School, both in Suffolk.
A spokeswoman for Suffolk County Council, said its contract was with Barnes Construction which had been using Knights Warner as a sub-contractor.
"The council's property department has been in conversation with Barnes Construction to mitigate the potential risks, and it has been agreed that Barnes Construction will either use a different sub-contractor or they will continue the works themselves, to ensure there is no disruption," she said.
Knights Warner is expected to be placed into liquidation on 4 September.
The directors of the firm, which was formed in 1943, thanked staff for the work they had done for the company.