Administrators from Ernst & Young found themselves under pressure
yesterday as workers at failed tube contractor Metronet voted in favour of
According to the FT unions representing 3,000 employees have been
nonplussed by administrators’ failure ‘to provide guarantees that there will be
no job losses or forced transfers’.
E&Y administrators were called into to rescue Metronet last month when
the contractor responsible for upgrading two thirds of the London tube failed to
secure a rescue payment of £551m from the government.
‘Metronet shareholders may be able to walk away from this public-private
partnership fiasco, but it is our members who are been asked to pick up the bill
with lost jobs, transfers and pension cutbacks,’ said Gerry Doherty, general
secretary of the Transport Salaried Staffs’ Association.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children