Private equity firm Endless LLP last week agreed a refinancing deal for Imtech UK, saving 2,500 of the 2,600 jobs. The company was at risk after the collapse of its Dutch parent company last month. However, Endless did not want the Imtech Water Waste Energy (WWE) business. Its administration now puts 65 jobs at risk, although there is hope that some may find a place at the division鈥檚 joint venture partners, which include Galliford Try and Lain O鈥橰ourke. The Laing O鈥橰ourke Imtech joint venture is main contractor for United Utilities鈥� 拢170m modernisation of Davyhulme wastewater treatment works in Manchester.
An Imtech spokesman said that Imtech WWE was impeded by 鈥渁 small number of loss-making contracts and significant delays in the start of new contracts.鈥� He added: 鈥淭hat made it impossible to find finance for that part of the business.鈥�
Administrator for Imtech WWE is PWC partner Matthew Boyd Callaghan.
Meanwhile, Endless鈥� planned acquisition of Imtech鈥檚 Irish business has still not completed. The spokesman said that there were regulatory hurdles to clear with competition authorities.
Got a story? Email news@theconstructionindex.co.uk
