Only one buyer found for part of the stricken M&E specialist
Almost 250 staff at MJN Colston have been made redundant, after just one buyer was found for a part of the stricken M&E firm.
Administrator Deloitte confirmed in a statement that 241 employees had lost their jobs - this includes the 148 employees that were immediately made redundant on 23 February when Deloitte was appointed.
Part of the business has been bought by property maintenance business Integral, saving nearly 50 jobs in Bristol and Bury St Edmunds.
MJN Colston was one of the construction industry’s oldest specialist contractors, founded in 1890, and had worked on a number of prestigious projects including Arsenal’s Emirates Stadium.
Daniel Butters, joint administrator and partner in Deloitte’s restructuring services team, said: “We are pleased to announce the sale of part of MJN Colston to Integral Holdings UK Limited. The sale of part of the business has enabled the jobs of 47 employees in Bristol and Bury St Edmunds to be saved.”
“Regrettably, it has not been possible to find a buyer for all of the MJN Colston business and therefore it was necessary to make a total of 241 employees redundant across the business. Employees in this position were paid up until the last day of employment.
“The inability to find a buyer for the rest of the business, has resulted in the closure of the offices located in Gateshead, Blackburn, Coventry, Exeter, Bridgend, Croydon and Thornaby, together with certain contracting work managed from Bury St Edmunds and Bristol that was not acquired by Integral.”