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| Jarvis to call in administrators | Jarvis to call in administrators |
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| Rail maintenance company Jarvis has announced that it will go into administration after lenders refused to offer the company further credit. | Rail maintenance company Jarvis has announced that it will go into administration after lenders refused to offer the company further credit. |
| The company has seen big reductions in its business since the beginning of the recession in 2008. | The company has seen big reductions in its business since the beginning of the recession in 2008. |
| Jarvis said its creditors were now not prepared to offer it the money it needed to continue as a going concern. | |
| The company said it had no option but to enter administration, and had asked for its shares to be suspended. | |
| "[The company] has been impacted by economic conditions generally and, in particular, the very considerable reductions in rail and plant work volumes," Jarvis said in a statement. | |
| "Trading conditions have been, and continue to be, difficult," Jarvis said in a statement. | |
| "Following negotiations with the company's secured lenders, it has today become clear that sufficient support will not be extended to the company to enable it to continue trading as a going concern. | |
| "As a consequence, the directors now have no option but to take steps... to place the company, and certain of its subsidiaries, into administration." | |
| In February, Jarvis said it expected to make losses of about £8m for this financial year, including £3m in restructuring costs. |