Ennstone in administration

Ennstone has gone into administration after the materials firm failed to secure a restructuring deal.

The company said that it has sold its principal UK and Polish units, and delisted its shares from the London Stock Exchange, according to Reuters.

"The sale of the UK and Polish subsidiaries has secured the jobs of over 1,000 of the group's employees," it said in a statement.

Nick Dargan and Matthew Cowlishaw of Deloitte were appointed as joint administrators on yesterday.

"The slowdown in the house building and infrastructure sectors along with the lack of funding for potential acquirers has played a significant role in the group's difficulties," Cowlishaw said.