PEC - under Pearl Services UK in Bradford - put into liquidation

More than 70 jobs have been lost at PEC based on Commondale Way at the Euroway Industrial Estate.

Liquidators were appointed for the company’s trading name, Pearl Services UK Ltd, on October 21.

The notice was placed in the London Gazette while a sign has been pinned up on the entrance to PEC.

The sign reads: "Please note P.E.C. is now closed. There is no access."

A sign has been pinned up on the entrance to PEC, Bradford. Picture: Newsquest, Mike Simmonds (Image: Newsquest)

Creditors from Clough Corporate Solutions Ltd have also been appointed.  

PEC has been part of the city’s economy for many years, offering retail and commercial space fit-outs and refurbs – including healthcare settings, schools, hotels, and more.

Managing director Sohan Panesar cited the Covid-19 pandemic, economic downturn and rising costs as reasons behind the decision.

Mr Panesar warned of “challenges in the immediate future, including a potential recession, associated reduced work opportunities and still lower margins”.

The escalating cost of fuel and what Mr Panesar described as “the risks associated with inflation on longer projects” were also mentioned.

Mr Panesar said: “The company has worked with all its employees and treated them as part of a large family, therefore as can be expected, the directors are very saddened and fully sympathise with everyone affected, especially the staff and their families.”

Have you got a story for us? Email newsdesk@telegraphandargus.co.uk or contact us here.

Follow us on Facebook, Twitter and Instagram to keep up with all the latest news.

Sign up to our newsletter to get updates sent straight to your inbox.

You can also call us on 01274 705292.