Re10 administrators called to Olympic site contractor

ADMINISTRATORS from Re10 have been called to construction business FCS Ductwork, which has had contracts linked to the Olympic site.

Adam Stephens and Finbarr O'Connell from Re10, were appointed joint administrators to the business, which has also worked on contracts linked to Westfield Shopping Centre, Finsbury Circus and the former headquarters of the London Stock Exchange buildings.

Stephens said: "The construction sector has been going through a torrid time in recent months, with worse-than-expected industry contraction and a bleak 2012 predicted following completion of many of the large projects relating to the 2012 Olympics.

"As a result, we are now unfortunately seeing a significant rise in the number of businesses within both the construction and support sectors that can no longer stave off the inevitable and are going into administration.

Canary Wharf-based FCS Ductwork had a turnover of about £15m-£20m and employs about 50 people.

The holding company Cranmi has also entered into administration, with the administrators likely to sell off all assets including a Rolf Harris painting titled ‘Durham Cathedral'.