Twenty-three jobs have been lost after an East Anglian civil engineering firm called in administrators in the wake of the construction industry slump.
Millard Consulting Group called in business rescue and insolvency specialists McTear, Williams & Wood last Friday after seeing a sharp fall in turnover and growing losses.
Administrator Andrew McTear said he was hopeful of sealing a quick sale of the business before Christmas to ease uncertainty for the remaining staff - adding that the level of interest from possible buyers was “encouraging”. The firm, which also has offices in Ipswich, Coventry, Sevenoaks and Slough, has been trading for more than 20 years and was listed in the top 80 fee earners in 2009 New Civil Engineer rankings.
It is understood that the 23 redundancies are spread among the offices, but the majority of job losses were at the Norwich head office in St George's Street.Mr McTear said the firm had been profitable for much of its 20 years of trading, with turnover peaking at £7m two years ago. But he said that the recession and downturn in the construction industry had seen turnover halve and trading losses of more than £1m in the last couple of years. "The level of interest already shown in the group is encouraging,” We are looking to conclude sales of the businesses before Christmas to try to minimise the uncertainty for staff as soon as possible. “At its peak the group employed 147 people but this had reduced to 65 prior to our appointment. Regrettably we have had to make 23 redundancies but we hope this action will help secure employment for the remaining staff".
Eastern Daily Press
16 December 2009