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Thursday, 24 October 2013

Cabling company Murphy in administration

Murphy Limited, the 56 year old cabling company that lays cables for the utility companies, has gone into administration with the loss of 293 jobs.  A few staff are staying on to help the administrators at Deloitte to wind down the company.  The company mustn't be confused with  J Murphy & Sons which is also in construction and trades as the Murphy Group.

Murphy Limited has a head office in Tottenham Hale, and regional offices in Manchester, Penrith, Preston, Sheffield, Ashford, Stanlow and Bradford.

Deloitte joint administrator and restructuring services partner Nick Edwards said: “The company has suffered a prolonged period of difficult trading, which has resulted in it being unable to meet its financial obligations."   The administrators went on to say that they are proceeding with an orderly wind down and that they will seek to sell the remaining business and assets to maximise returns for creditors.

The last reported turnover in 2011 was £62m and they had £374k of unsatisfied CCJs.  The fact that the current financial accounts have not been filed is often a warning sign that the business is facing difficulty

We are not involved in the administration and questions should be directed to Deloitte who are handling the administration.

If you are an employee of the business and are worried, then please listen to the video below as it will tell you your rights as an employee of a business that is insolvent.  There is a link at the end of the video to the Government website which expands further on what you need to know.

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