Death of CEO had “significant impact”
UK: The death of MacWhirter CEO Tony MacWhirter is said to have had “a significant impact” on the Cardiff-based contracting business which went into administration at the beginning of July.
According to a report on the Insider Media website, the company’s administrator Deloitte expect to repay secured and preferential creditors in full. However, unsecured creditors, owed a combined £3.05m, are set to miss out with Deloitte estimating a shortfall of £2.9m.
The death in January of Tony MacWhirter is described as having “a significant impact on the work that the company could deliver”.
It experienced a sharp downturn in gross margin on two large installation jobs in Bristol and Southampton, and in June 2015 the business was notified by one of its major customers of a substantial liquidated damages claim as a result of delays and refused to pay about £300,000 owed to the company.
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