The 42-year-old firm, which has a turnover of ВЈ35m, hit the headlines earlier this month after it was one of 14 companies to be slapped with and enforcement notice by the Information Commissioner's Office (ICO) banning it from using personal data about workers supplied by blacklist boss Ian Kerr.
But administrators from Deloitte blamed the company's demise on over-expansion, rather than the fallout from the blacklising scandal.
Adrian Berry, Ian Brown and Neil Matthews of Deloitte were appointed joint administrators of both SIAS Building Services and its non-trading parent company SIAS Holdings last week.ADVERTISEMENT
Neil Matthews said: вЂњSIAS 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.
вЂњIt is the Joint AdministratorsвЂ™ intentions to secure a buyer for the ВЈ4m 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.вЂќ
Before the move to administration, SIAS employed 178 staff across six locations nationwide.
It has recently been involved in several contracts for the Village Hotels leisure chain and is currently working as a subcontractor on a ВЈ14.5m project to build a new hotel in Solihull for main contractor ISG.
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