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Demolition firm proposes rescue deal to creditors

Demolition company Masterton will put a plan to creditors this week to deal with its financial problems.

Construction News understands that the Grangemouth-based firm will send its creditors proposals for a company voluntary arrangement this week. It will hold a meeting with them to vote on the plans at the end of the month.

A company voluntary arrangement allows a firm facing insolvency to agree a deal with its creditors to repay all or part of its debts in order to continue to trading.

In recent years Masterton opened a regional office in Leeds and expanded internationally. Its 2012 accounts show its turnover grew from £9m to £13m in the year while pre-tax profits rose from £810,666 to £1.2m.

Its notable projects include demolition of an explosives plant at BAE Systems in Bridgewater and the Ciba chemical plant in Manchester.

The company is owned by Blackwell.

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