London builder Holloway White Allom in administration
Published: 17 October, 2011
LONDON: Holloway White Allom, which can trace its history as far back as 1882 and which specialised in high-end contracting, building London landmarks like the Old Bailey and Bank of England has been placed in administration.
The building firm traces its "All the workforce were made redundant on Friday," a former employee told the Enquirer website. "There were several problems: the turnover fell sharply from around £90m to £60m in the course of two years and existing overheads were probably carried too long.
"There were also a couple of loss-making projects which hit the firm hard," he said.
In February this year private equity company Privet Capital injected cash into the business for a majority stake holding.
Administrators from KPMG are handling the administration of the company that employed 225.
The firm's managing director Bob Cole and then finance director Nigel Driver led a management buyout of Holloway in 2002 from John Laing.