Builders merchant and civil engineering group WT Burdens is believed to be nearing a restructuring.
The complex co-ownership model of the group – with shares divided between the original founding family, a charitable trust and all employees – is believed to make any restructuring more complicated.
Corporate development director Kevin Hancock said. “We have been under pressure over the past couple of weeks working with our existing arrangements while a strategic review was going on.”
The company says that, although it has taken a “precautionary step” of serving notice of appointing an administrator, it hopes to avoid going into actual administration.
The £330m turnover business secured a refinancing deal with GE Capital and Lloyds Bank as recently as February. Chief executive Jeremy Burden said at the time that the package was to support anticipated further growth, following a 15% rise in sales in 2011/12.