Wed, 20 Jul 2016 | ADMINISTRATION
The Dunne Group, the construction and civil engineering contractor that had been working on an incomplete tower block in the City of London, has fallen into administration, with the immediate loss of 524 out of 540 jobs and immediate ceasing of operations.
Tom MacLennan, Iain Fraser and Geoff Rowley, partners at FRP Advisory, have been brought in to manage the administration process for The Dunne Group Limited and five subsidiaries.
Mr MacLennan confirmed that 16 staff have been kept on to help close down the business. “A team of 16 staff will be retained to assist with the closure process and realisation of the business' assets. Our priority is to work closely with all agencies and services to ensure employees receive every support and assistance at this very difficult time."
The group had won some major contracts in recent years including three high profile projects in London – Newington Butts, One Blackfriars and 100 Bishopsgate. It's turnover was expected to reach £96 million this year, from £74 million last year.
It was heading towards some large trading losses on certain contracts however, resulting in severe cash flow pressures, while its rapid expansion put pressure on working capital.
The Dunne Group owns a portfolio of specialist equipment and assets including cranes, trucks, lifting equipment, excavators and access platforms. These items will be valued and marketed for sale in due course.
Contact the administrators
Construction businesses in administration
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline 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.