A leading Norfolk steelwork contractor has fallen into administration with the loss of 90 jobs. Administrator McTear Williams and Wood has kept on 29 staff to complete a handful of existing contracts.
DGT hit the headlines in February 2012 when a five-storey steel frame it was building collapsed on a £6.1m site in Ilford, Essex. DGT employed 119 people and had a turnover of £20m from its structural steel, roofing and cladding operations. The administrators are now urgently looking to sell parts of the business.
Joint administrator Chris Williams said that speed is of the essence. He told the Enquirer: “Anyone interested in all or part of the business should contact us immediately on 01603 877540. “We already know of a number of interested parties and will be talking to them straight away with the aim of agreeing a sale of DGT’s business and assets shortly.” Williams added: “We have been advising the DGT Directors over the last week as they seek to complete a number of contracts which will enhance realisation for creditors.”
DGT Structures was founded in 2008 when it was formed from the acquisition of DGT Steel & Cladding out of administration by a consortium of businessmen including Andre Serruys and Van Thurston.
The administrators added: “Despite substantial investment of new funds at the end of 2013 together with other measures taken to bolster the balance sheet, the company’s credit rating has been significantly downgraded. “The company has continued to find cash collection difficult and has suffered from creditor pressure building rapidly.”
25 February 2014