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Construction industry woes force 160 year old Warners M&E into administration

Written by Ben Fountain

Wednesday, 12 March 2008

Long-established Ipswich-based mechanical and electrical company Warners M&E Ltd has gone into administration as a result of "problems in the construction industry." The company, which can trace its history back to 1845, has an annual turnover of £9 million. Of its 89 staff, 51 have so far been made redundant, 11 have been kept on by parent company Haymills, and 27 staff are helping the administrators. Joint administrator, David Merrygold, corporate recovery partner of PKF Accountants and Business Advisers said: “Warners is feeling the effects of the downturn in construction. We are seeing employers and main contractors not paying bills on time for the work the smaller sub contractors have done. This in turn leads to cash flow problems, as is the case with Warners.” “It is always a sad time when a company goes into administration, especially one which has such a long history as Warners. If employees are concerned about their rights, they are welcome to speak with my team at PKF or we would recommend they seek guidance and support from the Citizens Advice Bureau.” Andrew Harper, managing director of Warners, added: “Our parent company Haymills took the decision not to support its subsidiary company Warners M&E Ltd. This left us with no option but to call in the administrators.” In February, Merrygold was appointed administrator for electrical company Ruddocks, based in Brightlingsea, Essex, which announced the loss of 35 jobs after suffering cash flow problems. Set as favorite Bookmark Email This Hits: 568 Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Write comment This content has been locked. You can no longer post any comment.

 

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