Receivers in at steel firm

GRAHAM WOOD, the steel erector involved in work at Canary Wharf and Euro Disneyland, was placed in receivership yesterday with debts of around pounds 10m, writes Jason Nisse.

John Soden and Peter Spratt of Price Waterhouse were appointed joint receivers to the company, which has an annual turnover of pounds 40m, yesterday afternoon.

Receivership has looked likely for the last few weeks after Blight & White, the group's structural steel subsidiary, collapsed because it had not been paid for pounds 500,000 of work at Canary Wharf.

However, Mr Soden said the collapse of B&W had made it more likely that Wood would survive as it prompted the West Country businessman Paul Bromton to attempt a rescue package, which failed last week.

Mr Soden said he hoped soon to be able sell the group's main operating company, Graham Wood Structural, and had already received some offers.