Thu, 25 Mar 2010 | ADMINISTRATION
Rail maintenance contractor Jarvis is set to enter administration following a dive in rail and plant hire volumes, effectively putting 2,000 jobs at risk.
Network Rail, the government-backed operator, decided to delay its track renewal work while waiting for new equipment in January. The move had a significant impact on Jarvis, which had also suffered cost overruns on a large rail contract.
In January, Jarvis announced that it had secured a £55m contract with Chiltern Railways, in an effort to reduce its dependence on Network Rail.
Jarvis had also been relying on its lenders, who refused to provide the funds needed for it to continue as a going concern.
The York-based company, chaired by former Conservative minister Steven Norris, was once Britain's largest construction business, and had a market value of over £1bn at its peak.
The contractors' demise began with the Potters Bar rail crash in May 2002, resulting in the death of seven people. The train's derailment occurred after a set of points broke. Jarvis, itself, was responsible for that portion of track.
Jarvis reported debts of £10.2m owing in the year to March 2010.
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