Chartered Institute of Building Magazine of the Chartered Institute of Building
CM NEWSLETTER
  • 13 Feb 2017
  • 0 comments

Concrete firm Twintec seeks buyer as turnover halves

Rugby-based concrete firm Twintec has filed its intention to appoint an administrator.

The company, which has been around for more than 20 years, specialises in jointless steel fibre reinforced concrete flooring. It has run into trouble in the past few years with its turnover falling from £24m in 2012 to £13m currently.

The firm produces around 300,000 sq m of industrial flooring slabs each year, with around £1.3m of work in progress and an estimated pipeline of £1.9m in contracts.

The owners of the business have instructed Midlands accountant Smith Cooper to seek interest in a buyer for the business.

In the invitation to bid for the business the firm says the deal is likely to be concluded by an appointed administrator as a pre-pack deal.

Twintec employs just over 20 staff, down from 68 at its peak in 2012.

The firm is a 100% owned subsidiary of Luxembourg-based Twintec International SA.

The last year has proven difficult for a number of specialised firms with many well established companies having to call in administrators.

Yorkshire facades specialists call in administrators

Sad day as 269-year-old William Anelay calls in administrators

Leave a comment

News

29 April 2017 How's that! New stand set to wow crowds this summer at Lord's

29 April 2017 New chief executive plans to shake up CCS

29 April 2017 London mayor pulls the plug on Garden Bridge

29 April 2017 H&S inspectors down by a quarter since 2010

27 April 2017 A new look for Construction Manager

27 April 2017 Heathrow boss reveals major offsite plans

27 April 2017 Bouygues to trial trailblazing 3D technology

25 April 2017 In pictures: Crossrail's striking station ceilings

25 April 2017 Emoji are a sign of the times on Dutch building

25 April 2017 O'Rourke appoints first independent chairman

25 April 2017 Multiplex on hiring spree after bumper 2016

25 April 2017 Contractor fined for Francis Crick Institute fatality

25 April 2017 New housing group to build 1,200 homes a year

25 April 2017 HSE consults on independent FFI dispute process

24 April 2017 New CIOB MD seeks to strengthen links with grass roots

24 April 2017 Schools paying thousands for work under PFI deal

24 April 2017 Skanska races to develop concrete robots

24 April 2017 Pair fined £66k each for roof safety breaches

24 April 2017 SNC-Lavalin agrees £2bn Atkins takeover

20 April 2017 Pay strike threatens Hinkley point construction