Ascot Environmental calls in administrators
ASCOT Environmental, the Radcliffe-based contractor which undertook major waste and environmental schemes, has been placed into administration.
The company, which was set up in 1999 and was majority-owned by founder Jim Hennessy, had grown rapidly in the early part of the last decade, designing and helping to build large renewable energy schemes, as well as carrying out civil engineering contracts and land remediation work.
In 2009, it signed a deal to deliver four schemes for waste management giant SITA in a deal reportedly worth £229m. It had also made a number of acquisitions, including the purchase of waste-to-energy specialist Planet Advantage in 2006.
At its peak in 2008, the company employed more than 150 staff and had a turnover of £68.3m, but by the time last year’s accounts were filed staff numbers had dwindled to 83 and turnover to £29.1m.
By the time Deloitte restructuring services partners Bill Dawson and Dan Butters were appointed as administrators both to Ascot Environmental and its parent company, UK Capital Ventures, staff numbers had fallen further to 58,
The administrators said that the firm had been “severely impacted by the continued difficulties in the construction industry”, and that its operations are being wound down.
However, a sister company, Scotgen Dumfries, which employs 12 people and operates a waste-to-energy plant in Dumfries has remained outside of insolvency and its shares have been sold to UK Venturing.
Bill Dawson, partner and head of reorganisation services at Deloitte in the North West, said: “The failure of Ascot Environmental is representative of a challenging environment for the construction sector, with forecasts pointing towards a particularly tough year across much of the industry.”
