Friday, 13 January 2012

WJ Harte in administration finally

As has been expected WJ Harte Group was finally put into administration today.  Already 500 jobs have been lost at the Lanarkshire based construction civils contractor company.  Its subsidiary RJT Pennant, based in Livingston, has also gone.  There is still hope that the firm can be saved if a buyer can be found. 

WJ Harte going into administration will be a tough blow to the contractor and construction sector in Scotland, unless buyers can be found for various parts of the business. The company had a workforce of 700 and an annual turnover of more than £100 million.

Could the business have been saved earlier?  It is always important to take early action but in this instance it appears that their banks have appointed the administrator at PKF.  They will go about and try and recover monies for the creditors with the bank as a secured creditor being first in line. 

Please see our page on Scottish company rescue to see what options are available to struggling business.

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