Administrators appointed to leading NI environmental company, Williams Industrial Services.

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Stephen Cave from PwC in Belfast and Toby Underwood have been appointed Joint Administrators of Williams Industrial Services Limited (“WIS” / “the company”) today, Tuesday 06 February 2018.

 

Commenting on the Administration appointment, WIS chairman John Toner, said:

“Having explored all possible rescue options, it is with deep regret that the directors have had to take steps to have the company placed into Administration.”

 

Mallusk-based WIS was established in 1983 and is one of Ireland's largest providers of environmental engineering solutions, specialising in water-treatment and anaerobic digestion technologies.

The company employs approximately 145 people directly and has annual turnover which peaked at around STG£50 million. In addition, Tot Technical NI Limited, a wholly owned subsidiary of WIS, employing approx. 15 people and trading from adjacent premises, is set to go into Liquidation.

Around half the company’s sales of water-treatment and anaerobic digestion solutions are to customers outside Northern Ireland, primarily in GB and the Republic of Ireland.

 

Confirming the appointment, PwC’s Stephen Cave said:

“The company ran into a number of commercial issues on some of its key contracts in recent months, culminating in contractual disputes which had a significant and adverse impact on trading cashflow”

 

“Despite endeavours to resolve the matters and secure a way forward, the company ran out of funds, leaving the directors facing the decision to enter Administration”

 

“Whilst we are urgently reviewing the company’s financial and trading position, we have unfortunately had to make the majority of the workforce redundant with immediate effect”

 

Ends.

Notes to editors

About Administration

1. An Administrator is an insolvency practitioner who is appointed to a company by either the company itself, the directors, or one or more secured [such as a bank or finance company] or unsecured creditors.

2. Administration is designed to protect the business whilst the administrator(s) form(s) plans to either put in place a financial restructuring to rescue the company, or to sell the business and assets to produce a better result for creditors than a liquidation; or where neither of these can be achieved, simply as a mechanism to liquidate assets and distribute the proceeds to secured or preferential creditors.

3. Administration should not be confused with liquidation, bankruptcy or winding-up; for further information on technical issues surrounding insolvency, please contact john.compton@pwc.com

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