Keighly-based firm brings in administrators after being hit by 'contract problems'
Mechanical and electrical contractor SIAS Building Services has gone into administration, causing 136 of its 178 staff to lose their jobs.
Accountants from Deloitte were appointed administrators of the Keighly-based firm, which was one of the companies to be hit with an enforcement notice by the Information Commissioner’s Office earlier this month following the blacklisting scandal.
Joint administrators, Adrian Berry, Ian Brown and Neil Matthews said the move to place the £35m-turnover business and its parent company, SIAS Holdings, in administration came after a series of “contract problems” following rapid growth.
They said they were seeking a buyer for the £4m-turnover maintenance arm of the business, which employs 30 people.
Matthews said: “SIAS experienced rapid growth recently and incurred losses from a number of contract problems which, combined with a high level of overheads, has impacted on cash flow and has caused breaches in its banking facilities. SIAS had also received a number of winding up petitions. As a result, the directors had little alternative but to place SIAS and SIAS Holdings Limited into Administration.
“It is the Joint Administrators’ intentions to secure a buyer for the £4m turnover maintenance business which currently has approximately 30 employees. Discussions are in progress with clients and main contractors on the contracting side of the business to see if there is any prospect of assigning or novating any of the ongoing contracts.”