Group financial controller blames events ‘out of our control’ for collapse
Collapsed contractor Clugston had a rescue plan in place but was not given the chance to see it through, according to a senior member of the firm’s financial team.
Last week the Scunthorpe-based business went under, with administrators KPMG announcing the loss of 150 jobs.
Now Thomas Mather, who is the group financial controller at Clugston, has revealed the firm believed it had devised a plan that would have seen it avoid administration.
In a LinkedIn post, Mather said: “We had a business turnaround plan in place, however recent events out of our control have forced our hand.
“It’s been a roller-coaster ride over the past few months for the team.”
>> Also read: Administration looms for Clugston
>> Also read: Clients scramble to find alternative contractors after Clugston collapse
Mather, who started at Clugston in May this year, joined the firm “with a turnaround and restructuring project planned”, according to his LinkedIn.
He also confirmed that some staff, himself included, had been kept on to assist KPMG with the administration process.
Speaking about his former colleagues, he said: “There are plenty of the finest candidates in their industries who are available immediately or very shortly. I can make introductions to some of the best people that work in the finance, IT, HR/payroll, marketing, health and safety, construction, property and facilities maintenance industries.”
The group, which had just over 400 staff, reported turnover in 2018 of £175.4m, with 90% of that coming from construction activities.
KPMG said Clugston’s haulage arm Clugston Distribution Services and property business Clugston Estates are not affected by the administration and were continuing to trade under the control of their directors.