Wed, 23 May 2012 | ADMINISTRATION
Ascot Environmental is to be closed down after filing a notice to enter administration. The move will leave 56 staff at the environmental engineering firm with unpaid wages.
Dan Butters and Bill Dawson at Deloitte were drafted in to serve as joint administrators to the firm and its parent firm UK Capital Venture Holdings.
Ongoing work on live contracts was stopped before the administrators were brought on board. The administrators decided to wind down Ascot’s business activities immediately. They are now working on discovering the full amount of the firm’s liabilities and warned that it is too early to ascertain what its creditors will get back.
Ascot provided its subcontracting services to the waste management and construction sectors from its base in Radcliffe near Manchester. It had blue-chip clients including Biffa and Veola.
Joint administrator Mr Dawson commented: “The failure of Ascot Environmental is representative of a challenging environment for the construction sector, with forecasts pointing towards a particularly tough year across much of the industry.”
Founded in 1999 by Jim Hennessy, the firm grew rapidly in the early 2000s on the back of increased demand for the design and build of large renewable energy schemes. It peaked in 2008 with a £68.3 million and a workforce exceeding 150.
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