Thu, 03 Sep 2015 | ADMINISTRATION
Imtech Water Waste Energy (WWE) has entered administration after the new owners of its parent company decided not to save the business.
Private equity firm Endless LLP agreed a refinancing deal last week to save Imtech UK. After Imtech UK's Dutch parent company collapsed in August the UK firm and the 2,600 jobs it supported, were put at risk.
The vast majority (2,500) of the jobs were saved by Endless LLP's intervention. But the company chose not to take on the WWE business and left it in the hands of the administrator, PwC partner Matthew Boyd Callaghan.
A spokesman for Imtech said that the firm was “impeded by a small number of loss-making contracts and significant delays in the start of new contracts”. Unfortunately, he added, this made it “impossible to find finance for that part of the business”.
There is still a chance that some of WWE's joint venture partners, including Laing O'Rourke, could step up to find a place for the business or its assets, depending on what the administrator is able to arrange as they look to trade out remaining contracts with the firm. Some of these partners are also considering the option of rescuing staff who are working on key projects.
View other businesses in administration.
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