Wed, 02 Oct 2019 | ADMINISTRATION
Thought to be Lancashire’s most prominent construction firm, Marcus Worthington & Company has fallen into administration following a series of financial difficulties.
Founded nearly 40 years ago in Claughton-on-Brock, the company was at the helm of a number of top projects, including the development of student accommodation in Marsh Lane Preston, and the Foxhall Village in Blackpool which has since won a number of awards.
However, after citing ongoing economic uncertainty as the reason for its downfall and as the source of its funding issues, the company was forced to call in professional services firm PwC to handle the administration process.
In spite of the administration, its divisions – Hollinwood Homes Limited, Marcus Worthington Properties Limited, and Stonewell Property Company Limited – remain unaffected.
The company will continue its trading operations during the administration period, in the hope that a buyer for the business will be sought imminently.
A statement from the directors said: “It is with deep regret and sadness that an administrator has been appointed to Marcus Worthington and Company Limited, the construction part of our business.
“The current economic uncertainty has led to us struggling to secure additional borrowing from our bank lenders. We have also been unable to attract fresh funding from other lenders because of these testing market conditions.
“We are consulting with our subcontractors and will update them in due course.”
The company’s most recent accounts, ending 31 December 2017, revealed a £39.9 million turnover, whilst its pre-tax profits fell to £41,600.
Its two existing projects, one in Manchester and the other in Liverpool, will continue as a result of being funded by an investment package.
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