Manchester-based £41m-turnover firm ‘highly likely’ to enter administration
Manchester-based Ocon Construction has filed a notice of intention to appoint an administrator.
In a statement the £41m-turnover contractor said: “This is highly likely to progress into administration with trading not resuming.”
The firm is currently consulting with employees regarding the situation.
Ocon recorded a £1.4m pre-tax loss in its last full year results to 30 September 2012, which it attributed to “the cost of recovering project delays, to ensure delivery dates were achieved, compounded by the insolvency of key subcontractors at critical times”.
The previous year it made a £2.8m pre-tax profit. Ocon’s turnover also fell 22% to £41.2m, down from £55m.
The firm said it had secured £42.3m of turnover for the 2013 financial year.