nmcn collapses into administration

05/10/2021
Dominic Browne

Nottinghamshire-based infrastructure contractor nmcn (formerly North Midland Construction) has fallen into administration.

The firm, which had previously won major contracts in the highways industry, could not sign off its 2020 accounts or secure a re-financing of its business.

It confirmed this week that it had appointed Grant Thornton to oversee its administration.

The Nottingham Post reported that the company was the 12th biggest in the county as of 2019, with an operating revenue of around £340m and more than 1,500 members of staff.

It is the largest collapse in the infrastructure industry since the fall of Carillion in 2018.

In a statement, a spokesperson for nmcn said: 'nmcn today announces that the board of the company, having taken advice, has concluded that the company is no longer able to continue trading as a going concern.

'The board of NMCN wishes to thank all of its shareholders, customers and suppliers for their support over the years and particularly Svella and those who had intended to participate in the equity subscription that formed part of the Proposed Transaction, which has had to be cancelled.'

nmcn revealed it had a string of profit warnings over the past year, and expected to report a pre-tax loss of around £43m for 2020.

It was the main contractor behind the controversial roadworks of the Lime Street and St George's area in the city centre.

Liverpool City Council said in a statement: 'We’ve been made aware that the contractor for #LimeStreet may have entered into administration.

'Officers have been tasked with securing Lime St & making it safe, whilst we await formal confirmation. We are seeking clarification to inform our next steps.'

The new mayor Joanne Anderson has asked her cabinet to review the scheme.

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