£14.5m-turnover building consultant seeks suitors to pay off parent LandAmerica's creditors
Building consultant CNP has been placed into administration.
The firm, which posted a turnover of £14.5m last year, sent a letter out to all of its clients on Tuesday explaining that the group had been placed into administration.
Building understands that a number of rival consultants are considering making a bid for the company.
CNP's parent group, LandAmerica, filed for Chapter 11 Bankruptcy in November last year and refused to accept CNP’s proposal for a management buyout.
The letter read: “It is with great regret that we have not been able to agree a formula which enables us to take on the risks associated with the current business."
"It is therefore necessary for LandAm to seek an alternative conclusion to satisfy their creditors. CNP has therefore today been placed into administration, whilst suitors are sought for all, or parts of the business.”
The firm’s administrators have been named as Zolfo Cooper.