{"id":13815,"date":"2023-03-05T06:33:03","date_gmt":"2023-03-05T14:33:03","guid":{"rendered":"https:\/\/essential.construction\/news\/fight-to-rescue-metnor-me-specialist-norstead-fails\/"},"modified":"2023-03-05T06:33:05","modified_gmt":"2023-03-05T14:33:05","slug":"fight-to-rescue-metnor-me-specialist-norstead-fails","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/fight-to-rescue-metnor-me-specialist-norstead-fails\/","title":{"rendered":"Fight to rescue Metnor M&E specialist Norstead fails"},"content":{"rendered":"

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The \u00a320m turnover business, which operated out of its offices in Newcastle-upon-Tyne and Maidenhead, had suffered from financial challenges in recent months because of inflationary pressure on its profit margins.<\/p>\n

In the last few weeks, directors have been desperately searching for a buyer for the business and assets of the industrial and commercial M&E business.<\/p>\n

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But without any viable offers and the prospect of a sale as a going concern, the directors filed for administration more than over a week after sister company Metnor Construction collapsed.<\/p>\n

Norstead\u2019s 52 staff have now been made redundant as the business fell into administration this week.<\/p>\n

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Steven Ross, Partner at FRP and Joint Administrator, said: \u201cThe directors launched an accelerated sale process, but without any viable offers, it was not possible to save the business, which has now ceased to trade.<\/p>\n

\u201cRegrettably, this also meant staff were made redundant prior to the administration. We\u2019re now supporting impacted staff and preparing for an asset sale.\u201d<\/p>\n

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