Wed, 19 Jan 2011 | BUSINESS SALE
A Newcastle-based construction company has fallen into administration following the delayed completion of a number of key projects.
Dorin Construction, which also cited the inability to renew its banking facilities and adverse winter weather as factors in its downfall, has called in PricewaterhouseCoopers' Ian Green and Toby Underwood to act as joint administrators.
PwC is on the hunt for a suitable buyer for all or part of Dorin Construction, which has currently ceased trading. Ninety-nine of its 103 staff have so far been made redundant, but 20 have been re-employed by Dorin's former managing director Richard Brown, who has launched a new, separate business, D&K Hire Services.
PwC's Underwood said, “Like many businesses in the construction sector, the businesses have experienced difficult trading conditions throughout 2010, with margins coming under significant pressure.
“We are attempting to secure a buyer for all or part of the businesses and assets. Clearly, if any party has an interest in acquiring all or part of the businesses we would be very keen to hear from them,” he added.
In 2010, Dorin started work on social housing developments totalling £1.2 million, alongside a bungalow scheme worth £700,000.
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