the 1980s, is closing down due to the slump in the industry.

The company is in the process of winding up its operations by completing unfinished projects and paying off creditors.

Mr. Bert Milne, the firm's general manager, said: "The recession has caused us to do this. It's tough out there.

"There are a lot of contractors out there of various sizes and capabilities fighting to grab a share of the market.'' Ryco Bermuda was formed as a general contractor in 1983 and, during its heyday, employed a work force of more than 100 people.

Its last major project was the $30 million extension and renovation of Marriott's Castle Harbour Resort between 1984 and 1986.

One of the company's minority shareholders is Mr. Don Munro, who owns the Canadian-based Roberts and Yates Corporation.

Before Ryco Bermuda was formed, Roberts and Yates helped build the Southampton Princess Hotel and the Bank of Bermuda head office in Hamilton.

Ryco has a few remaining contracts outstanding with the Bermuda Electric Light Company which it will complete before it closes.

The firm, which is currently operating with a skeleton staff. is scheduled to close for good in the New Year.