The update read: “TThe company is very happy to announce that it is now in bilateral talks, which are well advanced, with one party to complete a refinancing to provide the appropriate capital structure to support the group as it evolves in uncertainty. current.
“The company is striving to achieve a position where the refinancing will be announced within the next week, allowing the company to cope with the significant current pressure on the group’s working capital and to put the group in a position to take advantage of the growth prospects within its target area. markets.
“If the refinancing is not successful, the group will have to consider its remaining options.
“Another announcement will be made in due course, if necessary. ”
Nmcn added that activity levels across the company are “reasonable although there are performance issues in the group’s Building business unit and challenges on two onerous contracts in Water.” It is therefore now expected that the group will record a loss for the current financial year. “
The latest estimate of the company’s losses for 2020 is £ 24million.