A Bolton construction firm behind many big Manchester City Centre projects has gone bust today.

Artez Ltd, based in Lostock Office Park, Lynstock Way, Lostock, has entered voluntary liquidation today (October 6).

The group, behind the refurbishment of the Market Place in Bolton town centre, has appointed RSM Restructuring Advisory as its liquidator, saying it has struggled to cope with the Covid pandemic and recently increasing costs of labour.

A spokesperson for the company said: "Artez Ltd has taken steps to enter into voluntary liquidation and RSM Restructuring Advisory LLP have been appointed as liquidators.

"The business has struggled as a result of the Covid-19 pandemic and has recently suffered vast cost increases, labour and material shortages and a slow-down in pipeline projects.

"These factors have proved impossible to trade through despite support from funders, key customers and some very sympathetic subcontractors.

"All of our clients have been incredibly understanding during this challenging time, but the unforeseen cost escalation has proved too difficult to sustain.

"The other companies within the Artez Group continue to trade strongly and are not impacted."

Adam Higgins, co-founder at CAPITAL&CENTRIC said: “We knew that Artez had been facing financial difficulties and we’ve been supporting them during the last few months, however sadly they have ceased trading. Fortunately, the vast majority of apartments at Crusader are now completed with many already occupied. We’ve stepped in to complete the work so this will not stop us from delivering an amazing community in Piccadilly East.”

Artez was founded in 2010 by Mike Banton, a former Turton High school pupil, and is currently working on a number of large projects in Manchester.

They are the main builders behind the 'Crusader Mill' project in Chapeltown Street, Manchester, which featured on the BBC documentary programme 'Manctopia', but has been subject to a number of delays.

The developers behind this are Capital&Centric, who are also behind the regeneration of Farnworth Precinct.

Artez Ltd had 27 employees as of 2017.

The wider Artez group also includes Artez Living and Artez Interior which continues to trade.