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

Lightning Consultants
Nottinghamshire, UK Wide

Tremendous scope to develop the business further. Well reputed with regular and repeat trade. Genuine reason for sale due to retirement. Ideal bolt-on / complementary business. Offers invited.

Asking Price: £199,950
Turnover: £380,000

RELOCATABLE


Supplier of Saw Blades for Numerous Applications
UK Wide

Extensive product range featuring over 10,000 items. Offers a bespoke service, providing blades modified to customers’ specifications, which can be available the same day. Strong second-tier management team in place, able to manage the day-to-day ope...

Asking Price: Offers Invited
Turnover: £1,180,000

LEASEHOLD


Precision Engineering: Manufacture of Precision CNC Machined Components
UK Wide

Specialises in the production of CNC machined components for various industries. Long-standing client relationships, spanning over 20 years. Operates across a diverse range of sectors including aviation, marine and medical, protecting the business fr...

Asking Price: Offers Invited
Turnover: £1,360,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
16
 
Oct
 

Automotive supplier completes MBO | MBO/MBI

An automotive products supplier located in South Yorkshire h...

 
15
 
Oct
 

Tomlinsons Dairies falls into administration | ADMINISTRATION

Wrexham-based dairy firm Tomlinsons Dairies has announced to...

 
14
 
Oct
 

PE firm snaps up independent video game firm | BUSINESS SALE

Private equity firm NorthEdge Capital has successfully acqui...

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