Keighley firm axes 130 jobs (From Bradford Telegraph and Argus)

SIAS Building Services goes into administration

4:07pm Monday 17th August 2009 in News By Chris Holland

More than 130 jobs have been axed at a Keighley-based mechanical and electrical contracting firm which has gone into administration after a period of rapid growth.

Efforts are continuing to find a buyer for part of the business that employs 30 people.

Adrian Berry, Ian Brown and Neil Matthews of accountants Deloitte have been appointed joint administrators of SIAS Building Services and SIAS Holdings, based on the Knowle Spring industrial estate.

The £35 million turnover business employed 178 staff across six locations.

Its parent company, SIAS Holdings Limited, is a non-trading holding company.

Mr Matthews said: “SIAS experienced rapid growth recently and incurred losses from a number of contract problems which, combined with a high level of overheads, has impacted on cash flow and has caused breaches in its banking facilities. “SIAS had also received a number of winding up petitions. As a result, the directors had little alternative but to place SIAS and SIAS Holdings Limited into administration.

“It is the joint administrators’ intentions to secure a buyer for the £4m turnover maintenance business which currently has approximately 30 employees. Discussions are in progress with clients and main contractors on the contracting side of the business to see if there is any prospect of assigning or novating any of the ongoing contracts.”

SIAS was bought by its management in 2005 when managing director Andrew Iveson and the senior management team took control of the Keighley company after buying-out joint managing director and founder Paul Young.

The new owners embarked on an expansion programme, including new offices in London and the Midlands.

SIAS had several blue chip clients, including Waitrose, Asda and De Vere Hotels.

e-mail: chris.holland@telegraphandargus.co.uk