Suppliers to civils contractor O’Keefe Construction (Greenwich) Ltd have overwhelmingly voted in favour of the proposed Company Voluntary Arrangement (CVA) with 90% of creditors supporting the move.
CEO Patrick O’Keefe said: “We wish to wholeheartedly thank our creditors for this vote of confidence in the business.
“We have a robust underlying business supported by a strong order book. This CVA has rapidly restructured the business and ensures the business is well placed going forward.
“As shareholders we are committed to the business and we will be injecting £0.75m to support the restructuring. Again, could I reiterate my thanks to the company’s creditors for supporting us.
The well-known firm has been in business for more than 50 years on sites across London and the South East.
It ran into trouble after suffering a “significant loss” in the financial year to May 2021.
Damian Webb of RSM Restructuring Advisory LLP,said: “The approval of this CVA demonstrates the credibility of the proposal and the strong reputation built up by O’Keefe from over 50 years of trading.”
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