BusinessBusiness RecoveryRe10 administrators called to Olympic site contractor

Re10 administrators called to Olympic site contractor

Construction firm FCS Ductwork appoints Re10's Adam Stephens and Finbarr O’Connell as administrators

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’.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

1y Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer