A steelwork contractor owned by Irish SIAC Construction Group has filed a notice of intent to appoint administrators.
Based in West Sussex, Graham Wood Structural filed the notice in order to gain temporary protection from any legal action by creditors, while remaining under the control of its directors.
Specialising in complex structural steel projects, particularly inner city refurbishments, the firm worked on a number of projects most recently including Willmott Dixon’s £20m Knole Academy in Sevenoaks.
The firm saw a steady decline in turnover since 2011, when its turnover of £30m decreased to £13m in 2012, and delivered operating losses of £1.5m and £1.2m in respective years.
When submitting its latest accounts, Graham Wood employed 25 management and 50 office staff.
The firm’s owners, SIAC Group, faced financial trouble of its own, having been placed into examinership in October, owing €42m to KBC, Bank of Scotland and Bank of Ireland.
Martin Maher, chief executive, said: “I am relieved that subject to creditor and court approval the SIAC group established in 1913 can once again strive to be a leading Irish construction business.
“I would like to thank our creditors, clients, partners and employees for the patience and support that they have shown during this process and hope that the scheme structure provided will in some way negate the difficulties experienced by the company’s creditors and preserve a significant number of jobs.”