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October 11, 2011 6:55 pm
Holloway White Allom, the construction company behind the Old Bailey, Chelsea Bridge and the Trafalgar Square fountains, has gone into administration with the loss of 175 jobs.
Although oligarchs and well-heeled Londoners had continued to commission the company, it has a history of financial problems and KPMG confirmed on Tuesday that they have been appointed administrators.
Despite its high profile, Holloway White Allom has struggled to make headway in the downturn, with lossmaking contracts leading to a sharp fall in revenue. Earlier this year the company attempted to shore up its finances with a cash injection from Privet Capital, the private equity firm, in return for a majority stake.
Sources said that although the company had made progress on its turnround plan, it was hit by the late payment for one large project amid difficult conditions for building companies nationwide. Management is in talks with other operators to take on some of its projects.
The troubles came despite international acclaim for the company’s work, which included a conservation award for rebuilding the Medieval and Renaissance galleries at the V&A Museum in 2010.
Founded in 1882 by Thomas and Henry Holloway in Battersea, the company was also responsible for St Paul’s Girls School, as well as the rebuilding of the Bank of England in the 1930s.
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