Civil engineering business Moulding Contracts Limited is set to cut the jobs of 90 workers after being placed into administration by the High Court.
A process to secure a buyer and additional funding for the £18m-turnover firm were unsuccessful.
Diane Hill and Mark Getliffe of business advisory firm CLB Coopers in Manchester have been appointed as joint administrators for Moulding Contracts, which operated from from bases in Greater Manchester, Oxfordshire and County Durham.
Mark said: “Moulding Contracts will complete some specific contracts but there is no prospect of it continuing to trade as a going concern.
“The workforce was already in a redundancy consultation.“
Speaking further, he said there is “every prospect of creditors being paid a distribution”, adding: “The expectation is that we will be able to distribute funds back to creditors in 2017.
“A plan has been agreed to effect this and creditors will be consulted early in the New Year.“
Founded in 1950 as a family-run plant hire company in the North West, Moulding Contracts went on to become a major service provider for both the quarrying and brick making industries across the North and Midlands.
In 1996, after a string of successful joint venture projects, Moulding Contracts merged with a North East-based regional landfill engineering business.
Employees affected include site agents, site engineers, plant operators and groundworkers.
CLB Coopers’ Mark Getliffe continued: “It’s unwelcome to see people lose their jobs at any time of year but there is a chronic shortage of these skills across civil engineering and construction, so it’s our hope and belief that the workforce will be able to find alternative employment.“
Article taken from https://bdaily.co.uk/industrials/21-12-2016/90-jobs-lost-as-civil-engineering-firm-moulding-contracts-enters-administration/