One of Lancashire's best known construction firms, Marcus Worthington and Company, has gone into administration following funding problems.
The 40-year old business has been responsible for many new county landmarks such as the Tramshed and Moor Lane flats student accommodation in Marsh Lane Preston, the Faraday Court development in Fulwood, the Premier Inn in Fox Street, Preston, the Mill Race in Lancaster, Heyhouse Lane development in St Annes and the award-winning Foxhall Village in Blackpool.
The Claughton-on-Brock firm which employs around 130, said that the ongoing economic uncertainty had caused funding problems leading to the appointment of professional services company PWC on September 30 to act as administrators by one of the group’s funders, Cumberland Building Society.
Hollinwood Homes Ltd, the residential division of Marcus Worthington Group, is unaffected.
Two other group companies Marcus Worthington Properties Limited and Stonewell Property Company Ltd are also unaffected.
Alarm bells began to ring last week when it was reported that sub-contractors for the firm working on a student flats project in Lincoln pulled out of the site on September 26.
A statement from the family firm's directors, which is continuing to trade while in administration, said: “It is with deep regret and sadness that an administrator has been appointed to Marcus Worthington and Company Limited, the construction part of our business.
“The current economic uncertainty has led to us struggling to secure additional borrowing from our bank lenders. We have also been unable to attract fresh funding from other lenders because of these testing market conditions.
“Our primary thought at this time is with our staff. All our employees have been paid up-to-date as of September 30 and we will be supporting those affected in any way we can.
"We are consulting with our subcontractors and will update them in due course.”
Work will continue on two projects, the 125 Deansgate office development in Manchester and the North Western Halls hotel redevelopment in Liverpool, which are being financed by an investment fund.