A specialist energy-sector contractor with more than 200 staff is set to enter administration.
Wakefield-based contractor TEi Ltd filed a notice of intention to appoint an administrator at the Companies Court. It specialises in design, engineering, installation and commissioning in the power generation and petrochemical industries
The firm, which also has offices in Cardiff and Kent, turned over £29.3m in its financial accounts for the year ending 30 September 2023. This marked a 26 per cent increase on the previous year’s £23.3m.
TEi made a pre-tax profit of £237,700 during the period and employed a monthly average of 216 staff, its accounts added.
Construction News attempted to contact the company for comment. A switchboard operator said the company was involved in discussions about a potential sale, but TEi did not officially confirm this or provide a comment.
The group has not published more recent financial accounts as it extended its last accounting period by three months to 31 December 2024.
In its last published accounts, company directors identified no material uncertainties over the company’s ability to keep trading, saying: “Our staff and workforce remain fully engaged and optimistic about the future, with several high-quality prospects on the horizon.”
However, they acknowledged: “Economic challenges and uncertainties persist, marked by skill shortages, supply chain issues, climate change impact and general cost and price increases, all posing significant risks to the company.
“Additionally, our overseas ventures have heightened our exposure to foreign currency fluctuations and liquidity risks.”
The company valued its current assets at £9.3m, although the bulk of this (£8.9m) was money owed by debtors, with just £305,000 in cash at bank and in hand.
It owed £3.2m in loans repayable within 12 months.
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Will Ing