The administrators have moved speedily to safeguard the jobs of more than 1,500 at the failed contractor with quick-fire sales but legacy contract issues made the building division unattractive to potential purchasers, they said.
Nigel Morrison, Helen Dale and Jon Roden all of Grant Thornton UK LLP were appointed as joint administrators of NMCN plc and NMCN Sustainable Solutions Ltd on Wednesday 6th October 2021.
As previously reported, Svella, the investment vehicle group all set to rescue NMCN before it went into administration, acquired both the telecoms and the plant/transport divisions of NMCN, securing more than 600 jobs. Galliford Try bought the water business, including Nomenca and Lintott, for £1m, saving another 900 jobs.
A sale of the infrastructure division is expected to be completed soon, the administrators said.
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Rob Parker, director at Grant Thornton UK, commented on behalf of the joint administrators: “The joint administrators are very pleased to confirm the sales of three of the divisions of the group and are in continued dialogue for the sale of the Infrastructure division in the coming days.
“The sale of the three divisions safeguards jobs for over 1,500 people.
“The joint administrators intend to continue to operate part of the group’s head office function, in support of Svella plc, the purchaser of the telecoms and plant divisions, as well as Galliford Try Water Ltd, who purchased the group’s water division.
“It is, however, with regret, that due to a number of legacy contract issues, the joint administrators have not been able to achieve a sale of the group’s buildings division, which together with some other central roles in the group has resulted in the redundancy of 80 people. The Grant Thornton team will work with the employees affected to support them through this process.”
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