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.
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