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.
Steel fabricators & general engineers to the construction industry. Well established business which is located in Tregrehan, St Austell in Cornwall. The business was established in 1986 by it’s current owners and is now being offered for sale so tha...
Well-established independent engineering consultancy, who have taken the decision to divest their M&E division in order to focus their resources on their core operation. The division Director and team are motivated to continue working and growing the...
Very long established precision tooling and components specialist to the trade. Sensibly priced for genuine Ltd Co sale due to retirement with early interest strongly advised. Offers invited.
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources