Administrators hope that buyer of failed firm will obtain novation of contracts to re-employ some of 120 staff
Business restructuring partners at BDO Stoy Hayward have been appointed joint administrators of William Verry.
Shay Bannon and Geoff Kinlan, appointed on 5 May, have signed an agreement with McLaren Construction to sell the company's existing contracts, subject to the approval of its customers. McLaren is a design and construction specialist operating in the commercial, industrial and retail sectors.
Verry's 120 staff were made redundant before the appointment of administrators, after it ceased trading last week.
Geoff Kinlan, business restructuring partner at BDO Stoy Hayward said: “The current tough economic conditions and the contraction in the construction sector have directly impacted on Verry Construction.
“It is hoped that McLaren will succeed in obtaining novation of the contracts, which would create an opportunity to re-employ many of the staff.”