G Wood in demand

PRICE WATERHOUSE, the receiver appointed last week to the steel erector Graham Wood, has received more than 40 approaches for its main operating company, Graham Wood Structural, and is hoping to sell it this week, writes Jason Nisse.

Graham Wood collapsed after its subsidiary, Blight & White, went into receivership three weeks ago, owed pounds 500,000 by the administrators of Canary Wharf, where it had been working.

Paul Bromton, a West Country businessman, tried to put together a rescue package for Graham Wood, whose shares were suspended at 16p last month, but was unable to complete it.

John Soden, who with Peter Spratt is joint receiver of Graham Wood, said he was pleased with the response he had received.

Graham Wood Structural has an annual turnover of about pounds 40m and is profitable. It is one of the best-known names in the construction industry and has worked on many of Britain's most prestigious projects, as well as at Euro Disneyland near Paris.