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Imtech UK 'in discussion with interested parties' after Royal Imtech enters administration

Imtech’s Dutch parent company has been granted a suspension of payments at the District Court in Rotterdam.

The court has appointed administrators to the troubled group.

Imtech UK is continuing to trade but is understood to be in talks over a takeover.

Technical services provider Royal Imtech N.V. had flagged ongoing issues and announced it was considering its options should an agreement not be reached with financiers on providing additional financing.

In a statement today, the board of management and its supervisory board said they “had to conclude that it is inevitable to file for suspension of payments today”. 

Chairman of the supervisory board Frans Cremers, and chairman of the board of management Gerard van de Aast said: “It is very disappointing that after all the efforts of all involved it has not proven possible to avoid this situation.

“Filing for suspension of payments now may optimise the chances that substantial parts of the Imtech Group may continue in the interest of all stakeholders and specifically our employees. We thank our shareholders that have loyally supported our company through challenging times.”

An Imtech UK and Ireland spokesman said: “An announcement has been made today by Royal Imtech NV that means some change for Imtech UK and Ireland.

“Royal Imtech NV has announced that administrators have been appointed to Royal Imtech NV under Dutch law. Imtech UK and Ireland continues to trade and is not subject to this administration.

“Imtech UK and Ireland now operates under the sole control of the UK management and we are continuing to trade. While continuing our business we are also assessing longer-term options and in discussions with interested parties.”

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