Administrators have been called into Vital Infrastructure Asset Management (VIAM), a civil engineering, utilities and construction firm, previously known as King Construction, since it has been hit by cashflow problems.
Daniel Smith and Clare Boardman at Teneo Restructuring Ltd were appointed administrators on June 1st 2021.
The firm, which employs 300 people, was behind the Tarmacademy training and apprenticeship scheme that never came off - a project highlighted as a case study in Max Caller's recent damning report into the failings of Liverpool Council. The firm has since come under new management.
A statement from Mr Smith said: “This is unfortunately a very challenging period for the group’s stakeholders, and in particular its employees. Despite the best efforts of the directors, the group was unable to generate the cash needed to sustain its trading operations. Our immediate focus is on supporting the group’s employees to ensure all relevant claims are submitted as promptly as possible.”
According to Teneo, VIAM’s trading performance was impacted by disputes with "certain customers" leading to receipts being withheld.
Category: What is administration