An office fit-out company that opened what it described as Bristol’s most ‘Instagrammable’ workplace two years ago has entered administration with the loss of 50 jobs.
Paramount D&B hoped to build on its strong reputation in Bristol and across the West of England, using the office and studio on Welsh Back as a ‘showroom’ for its expertise. 
The Cardiff-headquartered firm had already carried out a number of high-profile design and fit-out projects in Bristol over recent years, including ITV West Country News’ base, the 360 Bristol office building on Marlborough St formerly known as South Plaza, and the 75,000 sq ft 3 Rivergate office block at Temple Quay.
It also carried out office revamps in Bath for American software firm SmartBear and financial consultancy Altus, as well as working on Welsh football legend Gareth Bale’s Par 59 mini-golf bars in Cardiff and Bristol.
At the time it opened the Welsh Back office, pictured below, Paramount said it aimed to grow its turnover by 50% to £50m within three years while also creating up to 20 jobs in Bristol.
However, following a period of tough trading, the firm, which had a turnover of £30m, has ceased trading.
Susan Clay and Huw Powell of at Begbies Traynor in South Wales have been appointed joint administrators.
Susan Clay said: “This situation underlines the challenges being faced in the construction sector with inflationary pressures contributing to trading losses and ultimately leading to the failure of an established and successful business.
“Pre-pandemic, the group was highly profitable and by June 2022 it had re-built to net assets in excess of £1m. 
“It continued to win high-profile projects and win awards and plaudits for its work. However, losses on construction projects caused a severe cashflow crisis that it could not recover from.”
Originally set up in 1989, the business went through a management buy-out in 2018, led by the current chief executive Richard Jones.
In 2021 it entered an employee ownership trust arrangement before a further management buy-out last year.
Mr Jones said: “This is truly devastating for the business that I was first employed by 16 years ago.
“All options to find a solution to keep the business trading have been explored and the directors are devastated to be left with no choice but to cease trading.
“We did everything possible to avoid closure, but the losses incurred on construction projects were simply too large to turn things around.
“Our thoughts are with our colleagues who have lost their jobs, many of whom have given long service to make Paramount a success.
“We would also like to thank our loyal clients and suppliers who supported us over the years and are sorry to let them down.”
Susan Clay and Huw Powell said a licensed insolvency practitioner will now be appointed to identify and realise all of the company’s assets with a view to making distributions to creditors, where available.
