Thursday, November 12, 2009

Rand boss blames low bids for collapse

Up to 200 jobs will be lost following this week’s collapse of the £55 million-a-year Rand Group.

The Lincolnshire-based firm, which owns UCS Civils and UCS Plant, went into receivership on Monday and is now in the hands of Ian Green and Stuart Maddison – joint administrators from PricewaterhouseCoopers.

Rand Group chief executive Jonathan Wells said: "Unfortunately the shortage of available work and the unsustainably low pricing levels UCS Civils has experienced in its markets created a major shortfall in its forward order book and cashflows which the group’s bankers were unwilling to fund."

Wells confirmed that the company’s long-term framework contracts with Anglian Water will continue trading under the receiver with the aim of transferring these to other firms.

Rand Group subsidiary Rand Training is unaffected and continues to trade as normal.

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