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MJN Colston went into administration yesterday following a strategic review of its financial position.
In a statement, joint administrators Daniel Butters and Matt Cowlishaw from Deloittes said: "Regrettably, it has been necessary to make 148 employees redundant.
"Our appointment follows a strategic review of MJN Colston Limited's financial position.
"We intend to trade the business in the short-term with a view to selling and novating the contracts to other providers.
"We will continue to work with the company's suppliers and customers and will seek to find a buyer for the business and assets to minimise disruption."
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