Fri, 24 Feb 2012 | ADMINISTRATION
MJN Colston Ltd, the Teeside-based building contractor that worked on such prestige projects as the Royal Festival Hall and the Welsh Assembly building, has gone into administration.
Administrators working for Deloitte immediately cut 148 jobs when they were appointed, but are hoping to save the bulk of the company and the remaining 420 jobs by finding a buyer for it.
The business is based in Thornaby in Teeside, but also has operations in Gateshead, Bristol, Blackburn, Coventry, Bridgend, Croydon, Bury St Edmunds and Exeter. It is a provider of mechanical and engineering services for both private and public sector construction projects and has a turnover of £100 million.
Daniel Butters and Matt Cowlishaw, from Deloitte, said that the firm would continue to trade the company for the time being, while making attempts to find buyers for the building and its assets.
“Our appointment follows a strategic review of MJN Colston Limited's financial position,” the administrators said. "We intend to trade the business in the short-term with a view to selling and novating the contracts to other providers.
“We will continue to work with the company’s suppliers and customers and will seek to find a buyer for the business and assets to minimise disruption.”
MJN Colston – which can trace its history back to 1890 – also worked on Arsenal’s Emirates Stadium and on the Eden Project.
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