Manchester-based 拢41m-turnover firm 鈥榟ighly likely鈥� to enter administration
Manchester-based Ocon Construction has filed a notice of intention to appoint an administrator.
In a statement the 拢41m-turnover contractor said: 鈥淭his is highly likely to progress into administration with trading not resuming.鈥�
The firm is currently consulting with employees regarding the situation.
Ocon recorded a 拢1.4m pre-tax loss in its last full year results to 30 September 2012, which it attributed to 鈥渢he cost of recovering project delays, to ensure delivery dates were achieved, compounded by the insolvency of key subcontractors at critical times鈥�.
The previous year it made a 拢2.8m pre-tax profit. Ocon鈥檚 turnover also fell 22% to 拢41.2m, down from 拢55m.
The firm said it had secured 拢42.3m of turnover for the 2013 financial year.
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