Kinetics goes bust again

Grant Prior 13 years ago
Share

Housing maintenance specialist Kinetics Group is going into administration for the second time in as many months.

More than 600 shellshocked staff were told the bad news this afternoon that Kinetics will cease trading.

The firm first went into administration last month when 273 staff were laid off.

The Enquirer understands that Kinetics owed £8.4m to the HM Revenue & Customs and £5m to subcontractors and suppliers when it first went down.

But original administrator Zolfo Cooper arranged a prepack deal with a company called SCP Renewable Energy for the salvageable parts of the business.

The firm continued trading under the Kinetics name after shutting down the northern operations and focusing on the Midlands and South were it had a £70m turnover.

The company continued to be run by the management team led by chief executive Chris Cheshire.

Accountant Begbies Traynor is expected to be appointed to handle the latest administration just weeks after the company was “saved”.

One worker told the Enquirer: “We were all gathered together today and told that the company would cease trading.

“Things have been pretty grim here for a while but it’s still a shock.

“I’ll be out of pocket because I’m owed wages and so will hundreds of others.”

A Zolfo Cooper spokeswoman said: “We have heard Kinetics has gone again but we are no longer involved.”

Calls to the company today were placed on constant hold.

Latest news

Lendlease veteran is latest new McAlpine director

Paul Sims joins as Operations Director after 40 years at rival contractor
53 mins ago

BAM go-ahead for Leeds 200,000 sq ft office

Latitude Yellow will complete final plot at Doncaster Monk Bridge site
18 seconds ago

VolkerFitzpatrick wins £30m logistics job

Latest deal to build five distribution units for Prologis UK
2 hours ago

Precast firm FP McCann cleared after immigration raid

Home Office takes no action after public raid on construction site
9 hours ago

Wates-owned SES restructure delivers record profit and revenue

Building services contractor revenue soars to almost £300m
8 hours ago

25 groundworks firms win £100m Places for People deal

M&J Evans, Carmac and Churngold Construction feature in housing association's line-up
9 hours ago

Energy efficiency firms angry at lack of CITB support

SME contractors funding bid "does not meet the current criteria for supporting productivity or EDI"
9 hours ago

£400m South Cambridge science park approved

Outline approval allows former sewage treatment works to be demolished
9 hours ago

McLaren gets green light for 45-storey Leeds tower

Landmark Wellington Square scheme will see 464 flats built with 360,000 sq ft of offices
3 days ago

Heavy rain causes 1.9% construction output fall

Hopes remain undampened of a resi-led recovery this summer
3 days ago

Taziker restruture to return to profitability after £1.2m loss

Founders bought the business back from private equity after last year's loss
3 days ago

£220m London wharf homes scheme approved

285 homes to be built beside protected Albert and Swedish Wharves in Wandsworth
3 days ago

Major project veteran named civils director for Sizewell C

David Speight previously worked on Hinkley, Heathrow and HS2 client teams
3 days ago

Morgan Sindall lands £19m Milton Keynes hospital job

Crane lifts to be carefully co-ordinated to ensure air ambulance remains active
4 days ago

Clancy bolsters civils leadership team

Daniel Tonkin and Simon Hyams join as operation directors of water and infrastructure
4 days ago

Balfour names new project boss for HS2’s super-hub station

Steve O’Sullivan replaces Nigel Russell who was promoted to CEO of Balfour's HS2 ops
4 days ago

Buckingham Group supply chain hit doubles to £256m

Total owed to unsecured creditors soars as surety providers finalise claims
4 days ago

Builders demand an end to police plant bans

Call to suspend all embargoes on moving mobile cranes and large site kit
4 days ago

Green light for £65m Blackpool multiversity campus

Education campus of 350,000 sq ft will be delivered in phases
4 days ago

Vinci signs £138m Sheffield steel forge expansion deal

Sheffield Forgemasters signs landmark contract after two years of pre-construction works
5 days ago

McAlpine hires HS2 programme boss to head defence arm

Armed forces logistics expert Mike Hickson takes role as MD of defence
5 days ago

£200m carbon capture plan for Deeside site

Energy from waste operator enfinium looking to invest in North Wales plant
4 days ago

McAleer & Rushe promotes five staff to contracts directors

Design and build contractor targets £500m revenue next year
5 days ago

Consultant quartet win Government estate upgrade deal

Government Property Agency selects Arcadis, Tetra Tech, AtkinsRéalis and McBains
5 days ago

Resi towers pioneer to transform Liverpool site

Beetham founder Hugh Frost to help develop 1,200 new homes
6 days ago

Construction Manager of the Year crowned

Galliford Try's Barry Kingscote wins coveted prize: Full list of winners
6 days ago

Landsec £250m London terraced office job approved

Skanska tipped for 20-storey Hill House scheme near Fleet Street
6 days ago

Lendlease tops March contracts league

BAM and ISG rank third with big contract wins
5 days ago

Vistry strikes deal with Homes England for 1,000 units

Firm's timber frames factory will supply most of the Midlands houses
5 days ago

Morgan Sindall go-ahead to build 23-storey Salford resi job

Funding deal with CBRE allows latest project on bank of River Irwell to proceed
6 days ago

Contractor services