Break-up of 75-year-old business complete with latest deal
Keltbray has picked up the infrastructure business of collapsed contractor NMCN for an undisclosed sum.
The firm follows Galliford Try which last week nipped in to snap up most of its £100m water business, which employs around 900 staff, for just £1m.
Earlier, business rescue specialist Svella, which had agreed a refinancing deal with the stricken contractor over the summer, said it had picked up NMCN’s telecoms, plant hire, transport and accommodation divisions for an undisclosed sum with nearly 700 staff joining that business.
Keltbray’s deal saves the jobs of 117 people and centres on NMCN’s highways, flood alleviation and renewable energy work.
The new division will be merged into Keltbray’s existing infrastructure division, reporting to managing director Phill Price.
NMCN, which was set up in 1946, collapsed into administration last Wednesday after being unable to file its 2020 accounts in time to complete a refinancing deal with Svella ahead of a deadline next month.
Administrator Grant Thornton said last week that it had not been able to find a buyer for NMCN’s building business meaning 80 jobs will go as a result.
Problems at the building business and a couple of water contracts have been blamed for the firm’s woes with NMCN warning earlier this summer that losses for 2020 would be north of £40m.