Recession claims yet another big name.
Rumours suggesting that all was not well at Masterton having been doing the rounds in demolition circles for many months now. But it now seems that those rumours were rooted in fact.
According to industry sources, the Grangemouth-based company is seeking a Company Voluntary Arrangement (CVA) pending a meeting in September.
Creditors have apparently been informed while clients have been offered assurance that current works will be completed.
Sources claim that parent company The Blackwell Group had recently refused to fund the company further.
The news of the company’s demise comes just a few short years after the company – under the direction of former Controlled Group managing director Steve Forster – stated its ambition to expand and conquer overseas markets, particularly those in the Middle East. Less than 18 months ago and having just seen its turnover hike by a remarkable 60 percent to £16 million, the company opened a new satellite office in Leeds from which to manage its planned assault on the English demolition market.
The company has also been involved in a number of high profile projects in recent years and was thought to still be active at the Bacton Gas Terminal site near Great Yarmouth when the axe fell.
Further details to follow.
