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Keltbray buys collapsed nmcn’s infrastructure arm
Neil Gerrard Associate editor
Specialist contractor Keltbray has reached a deal with nmcn’s administrators Grant Thornton to acquire the collapsed firm’s infrastructure contracts and assets.
The deal has secured the jobs of 117 nmcn workers and Keltbray will assume responsibility for fulfilling the contracts for clients, including National Highways.
The acquired contracts will be managed within its existing infrastructure division, reporting to managing director, Phil Price.
The sale follows the acquisition last week of four nmcn divisions by investment firm Svella, and a deal with Galliford Try to acquire nmcn’s water business.
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Nmcn entered administration last week after failing to file its accounts in time to complete a planned £24m refinancing deal with Svella. Its shares were previously suspended in June, which was also due to delays in getting its accounts signed off.
The deal with Keltbray means that the bulk of the nmcn business has been sold off, although Grant Thornton failed to find a buyer for its building business, resulting in the loss of 80 jobs.
Keltbray CEO Darren James said: “Keltbray are pleased with the ‘on strategy’ opportunities presented by the acquisition of these contracts, working with clients on some of the UK’s most important infrastructure projects. Today’s announcement accelerates our plans to build a resilient, growth-oriented business. Equally important, we have also safeguarded 117 valuable jobs and livelihoods that could otherwise have been lost to our industry.
“The acquisition has required a very rapid, but collaborative approach, and Keltbray would like to thank all parties for their proactivity throughout. I look forward to working with my new colleagues as we build a rewarding future together as one Keltbray.”
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