Creditors back O’Keefe in CVA vote

Grant Prior 1 year ago
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Suppliers to civils contractor O’Keefe Construction (Greenwich) Ltd have overwhelmingly voted in favour of the proposed Company Voluntary Arrangement (CVA) with 90% of creditors supporting the move.

CEO Patrick O’Keefe said: “We wish to wholeheartedly thank our creditors for this vote of confidence in the business.

“We have a robust underlying business supported by a strong order book. This CVA has rapidly restructured the business and ensures the business is well placed going forward.

“As shareholders we are committed to the business and we will be injecting £0.75m to support the restructuring. Again, could I reiterate my thanks to the company’s creditors for supporting us.

The well-known firm has been in business for more than 50 years on sites across London and the South East.

It ran into trouble after suffering a “significant loss” in the financial year to May 2021.

Damian Webb of RSM Restructuring Advisory LLP,said: “The approval of this CVA demonstrates the credibility of the proposal and the strong reputation built up by O’Keefe from over 50 years of trading.

“We were pleased to see how keen and engaged suppliers were to support the CVA and it was great to see how everyone came together to make this happen.

“Suppliers understood and had been in similar positions when they heard that the issues had been caused by two clients not paying.”

The Enquirer understands that losses associated with two problem contracts were ring-fenced during the restructuring and “critical” suppliers will receive all their money while non-critical suppliers working on the loss-making contracts will receive 10p in the £1.

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