Construction firm Marcus Worthington & Co. collapses into administration

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.


Share this article



Latest Businesses for Sale

Flooring & Hygienic Wall Cladding Contractor
Yorkshire and the Humber, UK

Experts in commercial and industrial grade flooring and hygienic wall cladding solutions. Client base of interior 'fit-out' contractors to leading high street retail brands, commercial developers, house builders and commercial/industrial end users. C...

Asking Price: Offers Invited
Turnover: £730,000

Property Maintenance Solutions Contractor
Dawlish, South Coast, Devon, UK Wide

Opportunity to purchase a very long established and highly regarded family-run commercial decorating/maintenance & roofing specialist. With a freehold site in an excellent commercial location with high access capabilities operating from secure and we...

Asking Price: £2,500,000
Turnover: £2,000,000

FREEHOLD


Building Contractor Company
Surrey, South East, UK

A superb opportunity has presented itself for a new buyer to take over the running of a well-established Building company operating throughout the wider Surrey area. Offers invited.

Asking Price: £275,000
Turnover: £727,729

RELOCATABLE



View more businesses for sale

News Search

Latest News

 
27
 
May
 

Food-to-go supplier calls in administrators | ADMINISTRATION

Adelie Foods, one of Britain’s biggest suppliers of sa...

 
26
 
May
 

Luxury fashion brand DVF Studio enters administration | ADMINISTRATION

DVF Studio, the UK business of fashion designer Diane von Fu...

 
24
 
May
 

Over 50 hotels and travel brands up for sale as leisure company collapses | ADMINISTRATION

The parent company of coach holiday company National Holiday...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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