A Norfolk based construction contractor has entered administration, after experiencing “rapidly building creditor pressure.”
Founded in 2008, DGT Structures Limited specialised in the manufacture and supply of structural steelwork.
Operating throughout the UK providing structural steel, roofing and cladding, DGT employs 119 people, and has annual turnover in the region of £20m.
Having made substantial investment of new funds at the end of 2013, among other measures to bolster the balance sheet, the company’s credit rating had been significantly downgraded.
Chris Williams and Andrew McTear of McTear Williams & Wood were appointed as joint administrators were appointed on 21 February 2014, as a result of difficulties in cash collection and pressures from creditors.
Williams said: “We have been advising the DGT Directors over the last week as they seek to complete a number of contracts which will enhance realisation for creditors.
“We are already aware of a number of interested parties and will speak to them shortly with a view to concluding an early sale of DGT’s business and assets.
“Regrettably, at this point we cannot rule out redundancies.”