RECEIVERS have given up all hope of saving a Maidstone-based building firm that has gone bust with the loss of 160 jobs. Cox Brothers, established in 1843, collapsed last month with debts of between £1m and £2m.

All staff, including chairman Tony Stanbury and managing director Peter West, have been laid off amid bitterness that a firm with an annual turnover of £17m and a century of pedigree could fall so spectacularly.

BDO Stoy Hayward Business Recovery Services was called in to try and rescue the firm and sort out its affairs. Bromley-based receiver Andrew Pepper had hoped to sell the business as a going concern and save as many jobs as possible.

But he told the Kent Messenger this week: "There is no hope of reviving Cox Brothers as it was, although we may be able to sell the name.” He added: “We wanted to find a buyer for the business but no one was interested so we have found people who want to buy parts of the business.”

Work on a number of prestige projects, including an £800,000 extension to Buckland Hospital in Dover, was halted when the parlous state of Cox’s finances became clear.

However, these contracts are being sold on one by one to other builders who will continue the work.

Cox Brothers’ Blake House headquarters in Peel Street at Maidstone is up for sale. A meeting for creditors will be held within next two months.