London builder William Verry has been put into administration by Barclays Bank.
The firm, which had been in crisis talks since last week, had several large county court judgements against it as well as winding up petitions from suppliers.
Shay Bannon and Geoff Kinlan, business restructuring partners at BDO Stoy Hayward, were appointed joint administrators of William Verry on 5 May.
The administrators have signed an agreement with McLaren Construction – a design and construction specialist operating in the commercial, industrial and retail sectors – to sell the company’s existing contracts, subject to the approval of its customers.
This follows on from the successful sale of the group’s facilities management division last week.
Mr Kinlan, business restructuring partner at BDO Stoy Hayward, said: “The current tough economic conditions and the contraction in the construction sector have directly impacted on Verry Construction. It is hoped that McLaren will succeed in obtaining novation of the contracts, which would create an opportunity to re-employ many of the staff”
The company has had a series of county court judgements against it in the last month. One judgement, registered on 16 April, was worth £60,000 and another, registered on 23 April was worth £27,000.
In December last year the contractor was forced to make people redundant as part of an internal restructuring to cope with the economic crisis.
The London-based company was established in 1832 at offices and workshops in Seething Lane in the City of London.