Wed, 12 Oct 2011 | ADMINISTRATION
Holloway White Allom, the construction firm that specialised in properties such as the Old Bailey, has entered administration. KPMG was called in to act as administrator one week ago and is now preparing to sell off the assets.
“The business has ceased trading prior to our appointment with 175 redundancies made. We are now looking to sell the assets,” a spokesman for KPMG said.
As well as a history of financial difficulties, the firm had several loss-making contracts during the economic downturn, which has hit its turnover figure. Attempts had been made to address its dire finances with funding from private equity firm Privet Capital in exchange for a majority holding. Also, its turnaround plans were adversely affected by the delayed payment for a large project.
Established in 1882 as Holloway Brothers, the firm built prestigious buildings including the Old Bailey, the Bank of England and the Trafalgar Square fountains, as well as several landmark bridges including the Chelsea, Hampton Court and Wandsworth bridges over the Thames in London.
Holloway Brothers bought White Allom in 1960 and went on to be taken over by John Laing in 1964. Holloway White Allom Ltd was run as a Laing subsidiary until the management team bought it out in 2002.
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