Move to wind-up Wrekin firm

Friday 15th May 2009, 4:00PM BST.

The company which bought Wrekin Construction two years ago is to be placed into liquidation following the collapse of the Shifnal-based firm.

The Tamar Group, the core business run by Wrekin Group chairman David Unwin, is one of several companies expected to be liquidated as administrators track down cash owed to Wrekin from a number of related companies.

The Derbyshire company bought Wrekin in 2007 when the Lamledge Lane-based firm was millions of pounds in the red.

But the takeover transformed the construction firm’s balance sheet into showing a profit when Tamar sold Wrekin a 2kg uncut ruby, known as the Gem of Tanzania, in exchange for £11 million of shares.

The ruby had previously appeared in Tamar accounts with a £300,000 value.

Administrators for Wre-kin Group and its subsidiary Wrekin Construction told a meeting of creditors on Wednesday that about £2 million of Wrekin’s money was invested or transferred to other companies in the 12 months prior to it going into administration.

Tamar is also the parent company of soon-to-be-liquidated company Equatrek UK, which has its registered office in Ilkeston in Derbyshire. A new company called Equatrek Group Ltd was registered with Companies House last month, with the same registered address.

Mr Unwin today refused to comment.

View more: Wrekin Construction news.