London demolition contractor folds.
Blackheath-based E Rankin Ltd has become the latest demolition company to close its doors and join the dead pool.
The company has been the subject of rumour and speculation for several weeks now but DemolitionNews this morning received confirmation that the company has folded, all staff has been laid off, and work has ceased across all its live sites.
Founder and managing director Eddie Rankin was clearly distraught when DemolitionNews spoke to him this morning. He openly blames the demise of his company on a recently sacked former director (who we cannot name for legal reasons). “I have always treated everyone with respect, especially the men working for me. And this is what I get.”
Rankin says that he only became aware of the company’s true financial state when it was served with a winding up petition. “Together with our accountant, we did an investigation and we uncovered false invoices that suggested we were owed more money than we really were,” he says. “I believed that we were making good money on work in the City of London but we were not only making losses but then making more losses by doing the same type of work again.”
