Mon, 13 May 2013 | ADMINISTRATION
Daniel Contractors, a large employer and engineering firm for the North West region, looks set for administration due to cash flow problems.
The business - operating from Warrington, Cheshire, with a workforce of 1,300 staff - may be placed in the hands of administrators at Deloitte in the very near future, The Sunday Times reported.
Daniels offers its services - including laying large pipelines and the hire of plant and equipment - in support of construction projects in the oil, gas and water markets.
Daniels Contractors was set up by brothers George and Conal Daniel in 1994, and grew quickly by buying several businesses that allowed it entry to new markets. Its 2002 takeover of Land and Marine Engineering from Smit International was a significant move for the business, and allowed it to provide onshore and offshore engineering work. While in 2008, it bought Subterra, a specialist in technologically advanced pipeline inspection, taking the need to dig big trenches out of the equation.
Daniel has been blighted by several hardships over the past few years, with the death of chief executive Conal Daniel being one of them. After losing some contracts and about £100 million in sales during the recession, it had to go through a rigorous restructuring.
The firm has been finding it increasingly difficult to generate cash, with its margins being ground down by its bigger clients, which include National Grid and United Utilities.
Recent accounts show that the firm made £117.4 million in revenues, with pre-tax profits of £1.3 million for 2011.
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