Squibb applies for administration

Construction News is reporting that Squibb Group has applied to enter administration, potentially bringing to an end 75 years of demolition history.

As we have reported previously, the company had previously sought a Company Voluntary Arrangement and was set to hear its fate yesterday. But that CVA meeting was cancelled.

According to Construction News, the company lodged the application for administration just before close of business of Friday last week.

The application for administration creates a moratorium during which no legal action can be taken by creditors against the company without leave of the court.

Documents shown to DemolitionNews show that the company owes more than £23.3 million to around 300 creditors. Unsecured creditors are owed £13.8 million.

Read more here.