Losses from its Middle East operations helped push the firm into administration
Engineer Morgan Tucker entered administration in May owing over £3m to creditors, according to a document filed at Companies House.
The statement of affairs document also reported that the Newark-based firm owed over £220,000 in arrears of wages, pension contributions and holiday pay.
Morgan Tucker’s administrators FRP Advisory confirmed in June that all 65 members of staff at the firm had been made redundant and the company had ceased trading.
A spokesperson added: “The company had faced severe financial pressure for a number of months and had sought new investment which ultimately did not come to fruition.”
Morgan Tucker had initially engaged FRP Advisory to seek buyers for the business, but despite interest from number of parties, a buyer was not found. This left the business with an unsustainable cash-flow issue which meant it had no alternative but to enter administration.
The business was founded by Matthew Tucker in 2005 and he was its managing director until he stepped down in February.
In 2015 private equity firm Foresight Nottingham Fund invested £1m in the business, which had worked on projects such as the Olympic Park in London, to fund bolt-on acquisitions.
The fund revealed after Morgan Tucker entered administration that “significant losses” from its expansion into the Middle East contributed to the firm’s demise.
A spokesperson for Foresight Nottingham Fund said: “Morgan Tucker had experienced organic growth initially in the UK, however it suffered significant losses when expanding into the Middle East.”