Siac UK subsidiary seeks protection from creditors

An English subsidiary of troubled building group, Siac, is seeking court protection from its creditors, according to reports.

West Sussex-based Graham Wood Structural, owned by the Irish building group, has filed notice of its intention to appoint administrators. Such a move means that it will get protection from any legal action by creditors seeking to recover their debts from the company.

Graham Wood specialises in complex structural steel projects. The business lost £1.5 million in 2011 and £1.2 million in 2012. According to reports yesterday it employs 75 people.

The High Court in Dublin is due to rule on Tuesday on a €10.7 million resue plan for the parent business proposed by examiner, Michael McAteer of Grant Thornton. That will involve bringing in new shareholders, Colas and Ducales, alongside its existing owners, the Feighery family.

Siac Construction Ltd and eight related companies got High Court protection from their creditors last October, when Mr McAteer was first appointed.

A number of creditors objected to his plan when it was presented in court last Friday.

BARRY O’HALLORAN