Engineering firm Owen Pugh goes into administration
Cashflow problems that arose as a result of loss-making projects have been blamed for North-east engineering company Owen Pugh Group going into administration, putting more than 300 jobs at risk.
The privately-owned company, based in Dudley, Newcastle-upon-Tyne, offers a variety of services including civil engineering, drainage and sub-structures, bulk earthworks, and plant hire.
Grant Thornton’s Christopher Petts and David Dunckley have been appointed joint administrators of Owen Pugh Group.
According to Petts, Owen Pugh Group experienced significant cash flow pressure in 2017 as it embarked on a number of large and high-profile projects “which have, ultimately, proved to be commercially unsuccessful”.
He said: "This has seen the cash position deteriorate significantly in recent months. Despite having sourced additional external investment during July 2017, cash pressure intensified culminating in parts of the group being presented with winding up petitions in recent weeks, which they have been unable to satisfy.”
Petts added that “a number of prospective buyers have already expressed an interest in acquiring parts of the business and assets of the group”, although he could provide any certainty on how these discussions will progress.
- Sewer pipe ‘re-rounder' robot wins innovation award The Wessex Water team behind pioneering robotic sewer repairs has been recognised with the south west Institute of Water... Read More >
- Tideway Tunnel signs up to technician charter Thames Tideway Tunnel (TTT) has become the latest company to sign up to a charter pledging to support technicians and... Read More >
- Anglian Water signs up to recruit ex-Service personnel Anglian Water is urging key partners in the region to sign up to the government's Armed Forces Corporate Covenant having... Read More >
- A glass half-full? Bringing water costs down for utility customers Mark Bullock, Balfour Beatty chief executive officer for rail and utilities, says the water sector must change its... Read More >
- INWED 2019: 'Each step was driven by choosing work I enjoy' To mark International Women in Engineering Day 2019 on 23 June, Fiona Barbour discusses her journey to becoming Mott... Read More >
- Interview: Kier Utilities' water MD Nigel Dyer Kier Utilities' Nigel Dyer tells Robin Hackett how the company is evolving to meet the changing demands on the water... Read More >
- Comment: New tech and partnerships will up the ante on leakage Closer partnerships, technology and connectivity will be the key to tackling leakage, with collaborative delivery... Read More >
- The search for safer streetworks practices Amey Utilities' HSEQ director, Gerry Mulholland, explains how the company’s 2020 Challenge and Know What’s Below... Read More >