Published by Construction Enquirer
M&E SPECIALIST ENTERS ADMINISTRATION AFTER NEARLY 40 YEARS IN BUSINESS
Administrators from Begbie Traynors were formally appointed on Monday to the £250m revenue firm, which employed over 300 staff and many self-employed workers.
It is understood staff are already being laid off.
A letter sent to staff – reproduced in full below – blamed inflation, shortage of workers, project delays and supply chain disruptions for the firm’s problems.
It also set out that Michael Hoodless and Gary Herbert would be the biggest creditors, still being owed over £50m for the business.
One source told the Enquirer: “There have been rumours about for several weeks that there were problems.
“They have been caught out by the headwinds affecting everybody and more commercial main contractors ”
A former employee said: “My impression when I first joined was they were a company that grew big very quickly and didn’t have the administrative set-up to deal with the growth.”
The firm ranked in the top 10 M&E firm’s nationally and was one of the major M&E management contractors in London working with major commercial clients on large schemes like Broadgate and Battersea Power Station’s redevelopment.