Company Voluntary Arrangement fails to save former Scottish giant.
Masterton, the Grangemouth-based demolition division of the Blackwell Group, has called in the receivers, Demolition News can exclusively reveal.
The appointment of administrators Price Waterhouse Coopers brings to an end a period of intense speculation over the future which sought a Company Voluntary Arrangement in summer last year.
The company’s eventual demise was as swift as it was inescapable. It is just two years since Masterton reported a record turnover of £16 million and cut the ribbon on a new headquarters in Yorkshire amidst the promise of a strong forward order book and overseas expansion plans. More recently, the company was shortlisted in the Construction News Specialist Awards 2014, and in the nepotistic awards of the National Federation of Demolition Contractors.
However, the company sought a Company Voluntary Arrangement in August 2014. The following month, Steve Forster (ex-Controlled Group) resigned as a director. Demolition News understands that he has since joined a project management specialist in the north east of England but this is unconfirmed.
Our sister website – Demolition-Jobs.co.uk – is throwing open its doors to help any Masterton employees impacted by today’s news back into employment. Those workers can register their CVs and availability to work by clicking here; and we will do all we can to help them find alternative employment very soon.
