The McGrath Group, who recently completed works on major transport projects in London and Birmingham have outlined plans for redundancies but added that they had saved over 100 jobs in the process of their corporate restructuring.
The company, in business for 25 years, also revealed redeployed staff and further cutting of costs to rescue the business, appointing licensed insolvency practitioner David McClean, as administrator to help with the process.
The company's joint Managing Director, Brian McGrath said that like others in the construction industry, the company had experienced a reduction in both private and public sector activity in recent years:
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"The group reduced employment and other costs during 2009 and 2010, but it recently became clear that we required a restructuring in order to maintain the group's viability."
He added that the restructuring was regrettable but necessary to preserve the mainstay of staff. David McClean commented: "The group has worked closely with us as business recovery specialists to ensure it can preserve the core of its business and as much of the employment as possible."
Other recent and ongoing projects include a number of other rail related projects in central London, a £600m mixed-use scheme in Birmingham, as well as work on King's Cross Station, Stratford International Station and the Docklands Light Rail.
The Group remains optimistic and is already looking to the future of the business with proposed contracts already lined up:
"We are confident there is a pipeline of contracts obtainable over the next three or four years from the £7bn Crossrail project to build a major new railway link under central London," concluded Mr McGrath.
(HMcE)
