136 jobs lost at Yorkshire-based m&e contractor
More than 130 jobs have been axed at Keighley-based m&e contractor SIAS Building Services. The firm has gone into administration after experiencing "contract problems" following a period of rapid growth.
Efforts are continuing to find a buyer for the maintenance arm of the business that employs 30 people.
The company was in the headlines recently for being one of the companies identified as using the employee blacklist run by Ian Kerr of the Consulting Association.
Adrian Berry, Ian Brown and Neil Matthews of accountants Deloitte have been appointed joint administrators of SIAS Building Services and the non-trading holding company SIAS Holdings.
The £35 million turnover business employed 178 staff across six locations.
Neil 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 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.”
SIAS was bought by its management in 2005 when managing director Andrew Iveson and the senior management team took control of the 42-year-old firm after buying-out joint managing director and founder Paul Young.
The new owners embarked on an expansion programme, including new offices in London and the Midlands.
SIAS had several blue chip clients, including Waitrose, Asda and De Vere Hotels.
Electrical and Mechanical Contractor