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.”
Established in 1994, these three handsomely presented and fully-equipped unisex hair salons are located in a prominent trading location.
Established vehicle display is located in a Berkshire prominent main toad. The business boats an excellent reputation and customer base.
LEASEHOLD
Established 2019, this logistics company can be managed from anywhere. The business comes with reliable executives already in place.
19
|
Apr
|
Building services consultancy moves to employee ownership | MBO/MBI
A building services consultancy in the North East has moved ...
19
|
Apr
|
US firm acquires Somerset employee management provider | BUSINESS SALE
An employee management services firm based in Somerset has b...
18
|
Apr
|
Education specialist makes second LDC-backed acquisition | BUSINESS SALE
Hybrid, an education media and marketing services firm, has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.