Preston civils firm strikes CVA

A PRESTON civil engineering firm which took a big hit following the collapse of cabling contractor Murphy has struck a deal with its creditors.

Mac Civils was left with a bad debt of £850,000 when London-based Murphy, which specialised in laying underground cables for utility companies, failed in October.

This left it unable to pay its own creditors but they have now agreed to a partial repayment through a company voluntary arrangement (CVA).

CVA supervisor Kevin Lucas, of Altrincham insolvency specialist Lucas Johnson, said Mac will pay around 42p in the pound over the next five years.

This could increase depending on the return it receives from Murphy’s administrators at the accountancy firm Deloitte. Max is owned by Coleman McDonagh.