Most of the 1,700-or-so jobs at a big Nottingham-based business which has gone into administration could be saved, according to reports.
Huthwaite based contractor NMCN was one of Nottinghamshire's biggest firms, responsible for working on major projects around the UK.
The business was in the process of building a 522 student bedroom complex in Traffic Street which is estimated be worth £35 million.
It was also working on a controversial major roadwork scheme around Liverpool Lime Street station – a significant gateway into the city.
2019 accounts showed revenues of £404.6 million (up almost 19 per cent year-on-year) and pre-tax profits of £7.4 million (up a quarter).
But Grant Thornton were appointed as administrators this week as NMCN plc failed to sign off its 2020 accounts or re-finance the business.
According to trade publication Construction Enquirer a letter from NMCN CEO Lee Marks sent to staff says the infrastructure, plant transport & accommodation, telecoms and water divisions are expected to be sold in the next couple of days.
The publication said Mr Marks wrote: "These potential sales will secure the jobs of the vast majority of our employees as your current employment with NMCN will transfer to the new organisation under TUPE, with the interested parties taking on certain people and projects.
“Whilst this is positive news for the majority of our people, I understand that these are worrying times for everyone.”
Administrator Grant Thornton will hold calls with employees to discuss TUPE or redundancy options.
Previous projects worked on by the business included the redeveloping York House next to the Victoria Centre in Nottingham as student accommodation, the redevelopment of a brownfield site at The Old Brewery in Mansfield creating 75 new family homes, and a £4 million development at Fernwood School, Nottingham, including new classrooms, an assembly hall and changing rooms.
Nottingham City Council Leader Coun David Mellen said: “We are sorry to hear about NMCN going into administration. They are involved in delivering a number of important private developments in the city whose delay will limit the availability of much-needed housing.
“As a large local employer, it is also a blow for staff who have come through a difficult period in the construction industry.
“Our Nottingham Jobs service has help and advice on options and opportunities that may be available to them.”
