Wed, 15 Sep 2010 | BUSINESS SALE
Nottingham-based firm Trent Concrete, which specialises in pre-cast concrete, has fallen into administration following financial difficulties.
The firm, which has seen turnover fall dramatically over the past year after its pipeline of projects was hit by the downturn, cited 'cash pressures' as the reason for administration.
One of the projects the company has been working on of late was supplying pre-cast panels for London's Olympic Village construction.
Around 150 people are employed by the firm, but administrators KPMG - who are hunting for a buyer for the business - said that no redundancies had been made yet.
Richard Philpott, from KPMG Restructuring, said, “The business has historically been engaged in long term contracts and its pipeline of future work has suffered from the inherent uncertainties surrounding various public sector projects.
“We are optimistic that trading in receivership will be viable with stakeholder support and we anticipate considerable interest from potential buyers of the business as a going concern,” he added.
KPMG announced that Trent Concrete had two ongoing long term contracts yet to be completed.
One of its most recent jobs included Westminster College, where it fitted 1,500 square metres of white reconstructed stone cladding and 2,000 metres of projections and cills.
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