Welsh fit-out specialist files administration notice

The specialist contractor operates across Wales and the south west, employing around 50 staff out of its Cardiff and Bristol offices.

Established over 30 years ago, Paramount delivers office design and fit-out services as well as construction of new building developments.

Chief executive officer, Richard Jones completed a management buyout of Paramount in 2018, having been appointed as managing director in 2017.

In 2021, he introduced an Employee Ownership Trust scheme seeing Paramount employees become majority shareholders, collectively owning 51% of the business for £2m.

A year ago the award-winning business changed its name from Paramount Office Interiors to Paramount D&B.

Last published account for the financial year to June 2022 show the specialist turned over around £30m delivering a £1m pre-tax profit

Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.

Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.

The Enquirer has linked-up with Red Flag Alert to offer readers a discount on its services and help you avoid worthless invoices from insolvent companies.

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