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

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