Tue, 12 Jun 2018 | ADMINISTRATION
Irish building firm Sammon Construction has gone into insolvency, a result of multinational construction giant Carillion collapsing in January 2018. Accountancy company Grant Thornton has been assigned as its overseer.
The company, which functioned as a subcontractor for Carillion, has currently halted its plans to build and manage five schools and a higher education institute in Carlow, Meath, Wexford and Wicklow counties.
Sammon is the most recent Carillion subsidiary to fall into administration. The Irish contractors were owed £7 million by Carillion, and subsequently went into examinership in April.
The examinership deal was put in place to allow Sammon time to assemble a financial turnaround deal, whilst also defending the company from its creditors’ claims.
According to the contractors, however, its exit strategy from the examinership is reliant on it being able to continue construction on the major Schools Bundle 5 PPP Project.
Founder CEO of Sammon Group Miceál Sammon said: “I deeply regret the financial and commercial impact that this development has had on our loyal suppliers and subcontractors.
“We have made every effort from the day Carillion collapsed to get the SB5 contract restarted, in the interest of our business, our supply chain and the communities for the schools.
“The delay in the decision around this project has frustrated our strategy to exit examinership and ultimately placed us in an irrecoverable position.”
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