'Four takeover offers' made for Haymills

THERE are four takeover offers on the table to save the troubled Suffolk building firm Haymills, which is currently threatened with administration.

Elliot Furniss

THERE are four takeover offers on the table to save the troubled Suffolk building firm Haymills, which is currently threatened with administration.

The Stowmarket-based construction company had its overdraft frozen by the Royal Bank of Scotland 10 days ago and its 700 employees have not been paid since.

The four bids will be considered over the next few days by the firm's administrators elect and a decision will be made on Tuesday before the deal is completed on Wednesday.


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A spokesman for Haymills, which has been backed strongly by the local business community, said some offers were “more favourable” to the firm, but it was a decision that was out of its hands.

He said: “These offers will be perused and mulled over by our administrators elect and a decision will be made by Tuesday evening and things will be official by Wednesday morning.

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“We can't say who the four parties are. Two of the offers are more favourable for the company, as opposed to the two others.

“Some of the aspects (of the Haymills Group) may be excluded by some offers, but at the end of the day they (the administrators elect) are after the person who gives the most value in their offer.

“That might not be the same as what would be the best for Haymills and all of its employees.”

The spokesman said the company was operating well within its overdraft facility when RBS froze the account and all payments in the middle of last week.

With 300 employees based in Suffolk and a national staff of 700, many are facing an anxious wait to see what the outcome of the talks will be.

The spokesman added: “It's down to money at the moment. We're all going to have a nervous weekend, just waiting to see what happens.”

The 98-year-old firm is based in Stowmarket and London and has worked on some of the region's most prestigious building projects in recent years.

It has won awards for its work redeveloping Ickworth House, the Theatre Royal in Bury St Edmunds and constructing the Stephen Hawking Building in Cambridge.

A spokesman for RBS said that due to strict rules governing customer confidentiality, it was unable to comment on the case.

She said: “We are determined to support customers that need our help, but this has to be on a viable commercial basis.”

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