BusinessBusiness RecoveryJarvis on track to call in administrators

Jarvis on track to call in administrators

Rail infrastructure company hit hard by recession is unable to continue without lenders support

Jarvis, the rail maintenance company is to call in administrators after
lenders refused to offer the company further credit.

The company said that it had been declined the funds it needed to continue as
a going concern, the
BBC
reported.

The company, has been severely affected by the recession and asked for its
shares to be suspended from the stock exchange.

A statement by the company said: “Trading conditions have been, and continue
to be, difficult.”

“Following negotiations with the company’s secured lenders, it has today
become clear that sufficient support will not be extended to the company to
enable it to continue trading as a going concern.”

“As a consequence, the directors now have no option but to take steps… to
place the company, and certain of its subsidiaries, into administration.”

The company currently employs 2,000 people.

As yet no administrator has been lined up.

Further reading:

Retail
faces CVA crunch

Administrators
unchallenged in Suits You CVA

IPs
weigh up Regus insolvency threat

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor