Construction company collapses following the liquidation of Carillion

Tue, 12 Jun 2018 | ADMINISTRATION

Irish building firm Sammon Construction has gone into insolvency, a result of multinational construction giant Carillion collapsing in January 2018. Accountancy company Grant Thornton has been assigned as its overseer.

The company, which functioned as a subcontractor for Carillion, has currently halted its plans to build and manage five schools and a higher education institute in Carlow, Meath, Wexford and Wicklow counties.

Sammon is the most recent Carillion subsidiary to fall into administration. The Irish contractors were owed £7 million by Carillion, and subsequently went into examinership in April.

The examinership deal was put in place to allow Sammon time to assemble a financial turnaround deal, whilst also defending the company from its creditors’ claims.

According to the contractors, however, its exit strategy from the examinership is reliant on it being able to continue construction on the major Schools Bundle 5 PPP Project.

Founder CEO of Sammon Group Miceál Sammon said: “I deeply regret the financial and commercial impact that this development has had on our loyal suppliers and subcontractors.

“We have made every effort from the day Carillion collapsed to get the SB5 contract restarted, in the interest of our business, our supply chain and the communities for the schools.

“The delay in the decision around this project has frustrated our strategy to exit examinership and ultimately placed us in an irrecoverable position.”


Share this article



Latest Businesses for Sale

Online Embroidery & Clothing Printers
Leicestershire, UK Wide

Fantastic growing embroidery and clothing printers company. This is a relocatable business opportunity. Extensive list of fixtures and fittings. Offers invited.

Asking Price: £249,000
Turnover: £559,810

RELOCATABLE


Play Centre with Restaurant
Manchester, UK Wide

Upmarket restaurant and play centre based in Manchester. Affluent trading area. Beautifully presented throughout. Management team in place. Newly equipped in 2018. Offers invited.

Asking Price: £699,950
Turnover: £624,000

Restaurant
Manchester, UK Wide

Popular restaurant located in Media City, Manchester. Located close to BBC offices. Good public transport links. Offers invited.

Asking Price: £275,000
Turnover: £416,000


View more businesses for sale

News Search

Latest News

 
16
 
Jul
 

Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE

A supply chain management company operating in the aviation ...

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

 
12
 
Jul
 

Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE

Blancco Technology Group, which provides a range of mobile d...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
11
 
Jun
 

Administrators called in for Newport radiator company | ADMINISTRATION

A radiator manufacturer headquartered in Newport, South Wale...

 
07
 
Jun
 
 
15
 
May
 

Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE

Challenge TRG Group, headquartered in Wigan, has successfull...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources