Imtech Waste, Water & Energy left out of refinancing deal

Imtech Waste, Water & Energy left out of refinancing deal

Imtech UK’s Water, Waste and Energy business is under threat of administration after having been excluded from Endless LLP’s management buy-out of the UK operation.  

 

Having worked on schemes including Crossness Sewage Treatment Works and the Howdon Advances Digestion Plant, the division works in strategic planning, design, construction and commissioning of mechanical engineering systems, and operates and maintains the company’s UK infrastructure assets.  

 

Dutch parent company, Royal Imtech NV, filed for bankruptcy in August, and the UK division was saved after investment from Endless LLP.  

 

Whilst 2500 jobs are expected to be saved by the deal, 69 jobs are at risk at Imtech Water, Waste and Energy unless a separate buyer is found. It is understood that talks are ongoing over the future of the business with joint venture contractors such as Laing O’Rourke and Galliford Try potentially taking on some of the staff directly.  

 

It is suspected that project losses within the WWE division may have contributed to the decision to exclude it from the refinancing deal, caused by the completion of older, larger contracts and delays on new project starts. These problems were highlighted recently in the main Imtech Group half-year results.

Please rate

Comments 

Ctrl + Enter

Most Read

IR35 coming to the private sector in 2020

IR35 coming to the private sector in 2020

Due to changes introduced in the Autumn Budget, from autumn 2020, off-payroll working rules which have only been applicable to the public sector will be also implemented in the private sector as well. What this means, is that the end client (hiring manager) of a worker will now be in the position

Ten highest paying I.T jobs in 2019

Ten highest paying I.T jobs in 2019

The I.T industry is arguably the most in-demand industry for technology/Engineering professionals. Once you have the right skill and certification, the I.T industry will jump at the chance to employ you and grant you a befitting role. From application developers to Data Engineers, the sector is in

Updates on the H2S project

Updates on the H2S project

In our modern world where a good transportation network and an effective communication system are two important factors necessary for the growth of any community, the need for more accessible cities which cater for these needs optimally while also taking into consideration, the economic side of

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.