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March 25, 2010    

Rail company Jarvis goes into administration

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by Kay Murchie
”Rail

Jarvis, the railway maintenance company, has entered administration after being refused further support by its lenders.

The company, which has is based in York, said the future of the firm depended on the ongoing support of its lenders but said after negotiations, it was evident “that sufficient support will not be extended to the company to enable it to continue trading as a going concern”.

Jarvis has been hit by a considerable fall in volumes of rail and plant work over the last few months and it said it now had no option but to “place the company, and certain of its subsidiaries, into administration, and to request that trading in its shares be suspended with immediate effect.”

The move has put 2,000 jobs at risk and comes just a few weeks after it reported a full-year operating loss of £5 million.

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