Confirmed: Imtech UK’s water, waste and energy business has gone into administration, with 69 jobs under threat.
An investment from private equity firm Endless helped secure Imtech UK’s future as an independent business, trustees of the group confirmed over the weekend.
However, as first revealed by Construction News, the water, waste and energy business was not included in the deal and has now entered administration, with PwC appointed to run the process.
Following last minute talks to save the division, a spokesman for company this morning confirmed the news.
It is understood that contractors including Galliford Try and Laing O’Rourke are in talks over potentially employing some of the staff, with
Sources told Construction News that another 120 agency staff could lose work with Imtech UK as a result, but this has not yet been confirmed by the company.
The water, waste and energy business works in strategic planning, design, construction and commissioning of M&E systems, along with operation and maintenance of UK infrastructure assets.
It has worked on schemes including Crossness Sewage Treatment Works and the Howdon Advanced Digestion plant.
The trustees of Royal Imtech NV had announced that the UK business had been saved after investment from Endless LLP, which is expected to acquire Imtech’s Ireland business shortly.
The deal will see Imtech UK & Ireland become an independent business separate from the group, led by the existing management team and with around 2,500 employees.
Trustees were appointed to Royal Imtech last month after it filed for bankruptcy.
Imtech UK & Ireland will take Endless LLP’s revenue across its portfolio to more than £3bn.
Imtech managing director Paul Kavanagh (pictured, said: “We are delighted to be securing existing jobs and a long-term future for Imtech UK & Ireland.
“The business remains in a good position, with a significant order book and large projects to deliver for our clients.
“With the existing management team in place, we are confident we can continue to grow the business.”
An Endless LLP spokesperson said: “Imtech UK & Ireland are profitable, well-run businesses which through no fault of their own have experienced a short period of uncertainty following their Dutch parent’s insolvency.
“That was caused by troubles at the German subsidiary. We are moving quickly to provide Paul and his team with the funds they need to get this profitable business back to normality and properly capitalised again.
“We look forward to helping them grow their business in the coming years.”