130 jobs at risk as construction firm goes into administration
A Lancashire construction business that employs 130 people has been placed into administration.
Family-owned Marcus Worthington and Company, the construction division of Marcus Worthington Group, was founded in 1975. It is based at Claughton-on-Brock, near Preston.
One of the group’s funders, Cumberland Building Society, has appointed PwC as administrator at the company which continues to trade.
Hollinwood Homes, the residential division of Marcus Worthington Group, is unaffected. Two other group companies - Marcus Worthington Properties and Stonewell Property Company - are also unaffected.
A statement on behalf of the directors of Marcus Worthington Group said: “It is with deep regret and sadness that an administrator has been appointed to Marcus Worthington and Company Limited, the construction part of our business.
“The current economic uncertainty has led to us struggling to secure additional borrowing from our bank lenders. We have also been unable to attract fresh funding from other lenders because of these testing market conditions.
“Our primary thought at this time is with our staff. All our employees have been paid up-to-date as of September 30 and we will be supporting those affected in any way we can. We are consulting with our subcontractors and will update them in due course.”
Work will continue on two projects, the 125 Deansgate office development in Manchester and the North Western Halls hotel redevelopment in Liverpool, which are being financed by an investment fund.