Fri, 17 May 2013 | ADMINISTRATION
Following recent speculation, confirmation has come through that construction and engineering company Daniel Contractors is in administration.
Reports last weekend suggested that the business, based in the North West of England, could well be forced into insolvency due to cash flow problems. It is now confirmed that Deloitte has been appointed to handle the administration as no other solution for the group's financial difficulties could be found.
Bill Dawson, who is working on the case for Deloitte, explained that parts of the distressed business might well be put up for sale. He said that Daniel was “in discussions with the key stakeholders and interested parties of the group in an attempt to sell all or parts of the business”.
He added that several expressions of interest have already been received for the group's Land & Marine Project Engineering department.
Daniels was hit by cash flow problems after losing some major contracts during the recession, as well as about £100 million in sales. The business undertook a serious restructuring programme, but it appears that this was not enough to save it from administration.
The administrators are due to continue to trade two of the contracts but they are looking to agree a transfer of the business and employees to a third party at some point.
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