Specialist contractor firm William Anelay is set to enter administration unless it can secure a deal with its creditors.

The company has a £38 million turnover and has proposed a company voluntary arrangement that will see it pay creditors a percentage of every pound owed.

Unless the deal is accepted by 75% of creditors, the business has revealed that it will face administration and its 190 staff members could lose their jobs. The York-based company has been in operation since 1747.

Credit agent Top Service says that William Anelay owes 22 firms £200,000 in total, with five of the creditors issuing debt recovery orders with the agency.

Specialists in heritage restoration and historic construction, the company said that it came into financial problems after a period of expansion which saw it take on projects outside its traditional work scope.

During this period, the firm took on a number of problem contracts and revealed that it was unable to pay suppliers.

Top Service also said that most of the outstanding payments have been longer than 120 days.

The company’s associated businesses – Anelay Building and Conservation, Anelay Traditional Masonry, Hare and Ransome Joinery and Lowery Roofing – have not been affected by the CVA and will continue trading as usual.

Charles Anelay, Chief Executive of William Anelay, said that all but one of the problem projects have been completed and the company has a strong order book for the next year.

The company has secured a £33 million workload, with £9 million worth of projects being considered for the end of the current financial year.

Anelay commented: “While only a few projects outside our usual sphere have been involved, the values were significant and this has harmed our business performance and cashflow.

”They are now finished, save one, where completion is imminent, and another, which has been brought under control, but unfortunately we are now unable to pay suppliers.”