Wed, 16 Apr 2014 | ADMINISTRATION
A buyer is being sought for cladding specialist Astec Projects, which has entered administration resulting in 65 jobs being lost.
Astec’s bankers at Barclays decided to appoint Deloitte as administrators to the company following cashflow problems, the Construction Enquirer has reported. Twenty of the cladding firm’s senior staff have been kept on while Deloitte explores the possibility of selling the business or some of its current contracts.
Astec is based in Reading but also has satellite offices in Newport and Burntwood. The company, which celebrated its 20th anniversary in January, provides cladding, glazing and roofing solutions as well as architectural metalwork.
The Enquirer stated that the company is currently working on a project for Mace and Morgan and was also due to start its largest ever contract later this month – a £10 million contract with Ballymore to provide cladding and glazing for the Embassy Gardens project in Nine Elms, London.
In a statement the administrators said: “The business is a leading provider of cladding solutions, trading with a turnover of £45m… Following a period of exceptional growth, the business was unable to fund its working capital requirements going forward.
“Out of the 85 employees, 20 will be retained, while 65 were made redundant. We plan to cease trading, and retain a small team whilst investigating the possibility of a sale of the business or takeover of its approximately £30m order book.”
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