Kinetics move into administration confirmed

Kinetics move into administration confirmed

Social housing contractor Kinetics will go to court this afternoon to seek administration.

The move will see 600 staff lose their existing jobs, and leave many social landlords searching for a new partner.

The company had attempted to keep the Kinetics name going after Kinetics Group went into administration last month.

Two of its businesses, Cameron Industrial Services and Lord Group, ceased trading, but three other subsidiaries, Sureway Gas, TA Horn and Wallmotts, were sold to a new company called SCP Renewable energy, owned by Kinetics investor Sovereign Capital.

The company intended the companies to continue trading under the Kinetics brand.

However a former employee of Kinetics has now confirmed the company is seeking administration, and the administrators will be Begbies Traynor.

The said: ‘The administration was requested because a number of clients of the companies which traded on did not pay their debts. They placed orders with the group but would not honour payments and with this the group has had to cease finally.

‘It is a sad day and 600 people will lose their jobs despite their best efforts, a majority will find work or be TUPE transferred, for a number it will be difficult though.’