Wright Investments and the CREDIT CRUNCH
The credit crunch has forced Wright Investments to close the building arm of their firm, with 20 workers losing their jobs after the company decided to halt work at three housing developments in the Doncaster area. The Balby based firm has confirmed that it is liquidating his building subsidiary, although they stress that all other aspects of their business are trading normally.
Managing Director of Wright Investments, the shirt sponsors of Doncaster Rovers, said to the Free Press: “I’ve decided to shut our building company but it doesn’t affect the rest of the business. I’ve been funding these sites without assistance from the banks but it got to the stage where I couldn’t see things picking up soon. I can’t keep these lads going forever. They’ve been with me a long time and I’ll do anything I can to help them get other jobs. We have decided to sit on these sites until things do pick up. They were started when things were steady but the housing market situation has hit them hard. I’ve had to liquidate the building business because I couldn’t put any more into it. There are some creditors but they are companies who have traded with us a long time and made a lot of money from us over the years and they won’t suffer greatly. They will probably make money out of us again in the future.”
“The main business remains strong and that Wright Investments’ other ventures and its sponsorship of Doncaster Rovers will be unaffected.”