Construction industry specialist Woody's Haulage of Norfolk has ceased trading, handing out redundancy notices to its 75 staff. The company directors blame the demise of the Attleborough-based business on "bad debts and a sudden downturn in orders during the recent financial crisis". Woody's made a pre-tax profit of £63,248 in the year to March 2007 during its most recently filed set of financial results, while turnover increased from £1.2m in 2006 to £1.5m in 2007.
However the directors
of the company said they had to shut the doors on the business after 20 years of trading. They added that they had "considered all the options" but it had "become clear that adequate funding was no longer available" and there was no alternative but to issue redundancy notices to the 75 staff and close the business down.
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