FCS Ductwork and Cranmi have gone into joint administration.
FCS Ductwork, a mechanical design and installation company operating in the construction sector and headquartered in South Quay, Canary Wharf was a £15m-£20m turnover business manufacturing and installing ventilation systems and undertaking related building services.
The company had a number of clients and contracts in the south east including several relating to the new Westfield Stratford shopping centre and other iconic buildings in London.
The holding company Cranmi, has also been placed in administration with insolvency practitioner Re10. Specialist property and asset consultant Edward Symmons is selling some of its assets, which include a prominent painting titled 'Durham Cathedral' by Rolf Harris.
Joint administrator Adam Stephens comments: 'The construction sector has been going through a torrid time in recent months with worse-than-expected industry contraction and a bleak 2012 predicted following completion of many of the large projects relating to the 2012 Olympics. As a result we are now unfortunately seeing a significant rise in the number of businesses within both the construction and support sectors that can no longer stave off the inevitable and are going into administration.
'The process of dealing with the two companies' affairs is likely to take many months to complete but we are working hard to deliver the best possible outcome for the outstanding creditors. We have also been receiving legal advice from SC Andrew LLP and have instructed specialist quantity surveyors, Leslie Keats to assist us to ensure that all outstanding contracts are concluded in the best possible way.'
