UK: According to Construction Enquirer, Kent's Drywall Technologies, which traded as Drytech, has entered administration, resulting in 20 job losses. A further 20 staff, other than those made redundant, have been offered work at an associated company, understood to be Drytech Facades. Drytech was founded in 2003 by former Knauf employees Stephen Deane and Tommy McDermott.
"Increased industry competition and its consequential impact on profitability led the directors of the company to decide to exit the sector in 2014 by significantly reducing the level of contracts being tendered for and completing those already in progress," said joint administrator Colin Hardman of Smith & Williamson. "Unfortunately, due to the unprofitable nature of some of those contracts, the company became insolvent and so management took the decision to place the company into administration. We are now looking for a buyer for the company's assets and in the meantime are progressing with realisation the company's principal assets; its debtor book and work in progress so as to maximise realisations for the benefit of creditors."
