Groundworks and civils contractor Caldwell Construction Ltd has filed a notice of intention to appoint administrators as it scrambles to find a buyer and fend off creditors.
The notice was filed yesterday (14 January).
Founded in 2007, the firm specialises in delivering groundworks for housebuilders and developers in the Midlands, North West and Yorkshire.
Its most recent accounts, covering the year to 31 March 2025, showed that Stoke-based Caldwell employed a monthly average of 49 staff.
Caldwell’s directors sounded optimistic in the latest accounts, which showed a pre-tax profit of £130,884 from turnover of £58.4m.
“The directors aim to follow the same management policies that have resulted in significant growth over the past five years,” the accounts said.
“They consider that the next year will show further growth in sales from continuing operations.”
The firm had undertaken a “strategic financial review which resulted in significant additional funding being introduced in the year and a clear plan to manage working capital”, the directors noted.
They added: “This will enable the business to capitalise on considerable growth potential as housebuilding accelerates in line with government targets as recently reported in mainstream media post-November 2025 budget.”
The latest accounts showed the firm’s cash at hand more than halved from £5.7m to £2m, and the firm’s short-term repayable bank loans grew sixfold to £2.5m.
Loans due for repayment after 12 months fell from £1.7m to £723,849, though.
While turnover was down on the previous year’s £65.4m, Caldwell’s restated 2024 figures delivered a pre-tax loss of £2.9m after an internal review resulted in £5.1m of exceptional costs.
This restatement also resulted in the shareholders repaying their £2m recommended dividend, the accounts said.
According to data intelligence provider Glenigan, the firm has a dozen active projects, including work for Ascena Developments on a £75.1m residential scheme in Manchester that is due for imminent completion.
Caldwell’s other residential groundworks jobs in North West England include Kellen Homes’ £30m scheme in Manchester and for Prospect Homes’ £32m job in Widnes, said Glenigan.
Calls to the firm’s office number went unanswered.
*Update: PKF Littlejohn Advisory was appointed as administrators of Caldwell Construction Ltd after this story was published.
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Ben Vogel