Marcus Worthington and Company Ltd, the construction division of Lancashire-based Marcus Worthington Group, has been placed into administration
One of Marcus Worthington and Company Ltd funders, Cumberland Building Society, has appointed PwC as administrator at the company which continues to trade.
Around 130 jobs will be affected by the administration.
Hollinwood Homes Ltd, the residential division of Marcus Worthington Group, remains unaffected. Two other group companies Marcus Worthington Properties Limited and Stonewell Property Company Ltd are also unaffected.
A statement on behalf of the directors of Marcus Worthington Group, said: “It is with deep regret and sadness that an administrator has been appointed to Marcus Worthington and Company Limited, the construction part of our business.
“The current economic uncertainty has led to us struggling to secure additional borrowing from our bank lenders. We have also been unable to attract fresh funding from other lenders because of these testing market conditions.
“Our primary thought at this time is with our staff. All our employees have been paid up-to-date as of September 30 and we will be supporting those affected in any way we can. We are consulting with our subcontractors and will update them in due course.”
Construction work will continue on two projects, the 125 Deansgate office development in Manchester and the North Western Halls hotel redevelopment in Liverpool, which are being financed by an investment fund.
Marcus Worthington and Company Ltd, based in Claughton-on-Brock, near Preston, is a family-owned business and was founded in October 1975.
