Top environmental engineering firm enters administration

Fri, 09 Feb 2018 | ADMINISTRATION

Over one hundred jobs have been lost after environmental engineering firm Williams Industrial Services (WIS) entered administration.

Around 145 workers were employed by the Mallusk-based firm, which was originally established in 1983 and is now one of Northern Ireland's largest providers of environment engineering services, specialising in water treatment and anaerobic digestion technologies.

Despite boasting an annual turnover of around £50 million, the company announced that it had explored all possible options on 6th February 2018 and subsequently appointed Toby Underwood and Stephen Cave of PwC in Belfast as administrators.

Commenting on the firm's entrance into administration, WIS chairman John Toner said: "Having explored all possible rescue options, it is with deep regret that the directors have had to take steps to have the company placed into administration."

Commenting on the position of WIS, Mr Cave stated that it had run into a number of commercial problems with key contracts within the last few months, resulting in disputes that affected the company's finances.

"Despite endeavours to resolve the matters and secure a way forward, the company ran out of funds, leaving the directors facing the decision to enter administration," he added.

"Whilst we are urgently reviewing the company's financial and trading position, we have unfortunately had to make the majority of the workforce redundant with immediate effect."

As a result of WIS going into administration, a subsidiary that is owned for the most part by the organisation is also set to go into liquidation. This would result in the loss of around 15 jobs for the subsidiary's current staff members.


Share this article



Latest Businesses for Sale

Multi-Disciplinary Engineering Consultancy Business for Building Services
UK Wide

Has worked on a number of high-value projects for prestigious organisations in the rail industry. Operates from leasehold premises. Offers invited.

Asking Price: Offers Invited
Turnover: £1,600,000

LEASEHOLD


Ground Engineering Contractor
UK Wide

Strong work pipeline with newest contract worth circa £325,000. Ongoing contracts with major house-building companies. Proven reputation within the industry and strong relationships with key clients. Offers invited.

Asking Price: Offers Invited
Turnover: £1,900,000

RELOCATABLE


Precision Engineering Company
South East, UK

One of the UK’s leading subcontract precision engineering businesses, established for over 20 years, which manufactures and supply high quality components across different industries. Offers invited.

Asking Price: Offers Invited
Turnover: £5,000,000


View more businesses for sale

News Search

Latest News

 
26
 
Jun
 

'All options' being explored for collapsed Welsh cheese maker | ADMINISTRATION

A cheese-making factory in Snowdonia has collapsed into admi...

 
25
 
Jun
 

Port Talbot construction business enters administration | ADMINISTRATION

A construction company based in Port Talbot has fallen into ...

 
24
 
Jun
 

Digital account provider snapped up by Morses Club | BUSINESS SALE

Sheffield-based U Holdings Limited, which trades under the n...

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