{"id":595463,"date":"2023-01-08T12:49:26","date_gmt":"2023-01-08T18:49:26","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/08\/revealed-the-23-firms-that-went-into-administration-in-december\/"},"modified":"2023-01-08T12:49:26","modified_gmt":"2023-01-08T18:49:26","slug":"revealed-the-23-firms-that-went-into-administration-in-december","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/08\/revealed-the-23-firms-that-went-into-administration-in-december\/","title":{"rendered":"Revealed: the 23 firms that went into administration in December"},"content":{"rendered":"
\n

Twenty-three construction administrations were recorded in December \u2013 more than one for every working day of the month.<\/p>\n

Data compiled by Creditsafe showed that 19 firms entered the process in the weeks before Christmas, with another four following before the end of the year.<\/p>\n

The total is down from November, when 34 companies in the sector collapsed<\/a> into administration or administrative receivership, the highest monthly number since the start of the COVID-19 pandemic.<\/p>\n

But December\u2019s figure, in a short working month, remains cause for concern as it is higher than the number seen in each of August, September and October.<\/p>\n

FRP Advisory restructuring partner Glyn Mummery said: \u201cDecember is ordinarily relatively quiet for insolvencies. January is a long month and we expect to see an increase in activity. A lot of businesses are carrying debt following the recession, and servicing the debts is becoming harder.\u201d<\/p>\n

A \u201cconstant wave\u201d of price pressures and economic blows has made staying afloat increasingly difficult, Mummery added.<\/p>\n

\u201cChallenges at the moment are numerous \u2013 interest rates, inflation, labour shortages and wage demands. All these are eroding profits.\u201d<\/p>\n

Firms suspected of being in trouble in this climate risk being sucked into a vicious cycle, he warned.<\/p>\n

\u201cIf the industry rumour mill gets going then it can become a Catch-22 where clients withhold payment and it spirals. We see that more in construction than any other sector.\u201d<\/p>\n

No major contractor went under in the month, with most that collapsed being too small to publish full accounts. The largest was M&E specialist Working Environments with a \u00a334m turnover.<\/p>\n

The third largest, measured by turnover, was interiors firm Arthouse at \u00a324m, which continues to trade under new ownership after being acquired shortly after EY took over its affairs. Wind power specialist Windhoist, whose revenue was \u00a328m in its latest annual accounts, was the second largest.<\/p>\n

Interpath Advisory director Neil Morley said many companies in distress tried to close their doors early in December and deal with their problems after the Christmas break.<\/p>\n

He warned that mid-size contractors were facing pressures from both above and below at the start of this year.<\/p>\n

\u201cI am still seeing liquidations running at much higher numbers than administrations. These occur where there is not as substantial a business,\u201d Morley said.<\/p>\n

If the companies at the end of the supply chain are collapsing this can cause difficulties for the next tier up trying to complete projects. \u201cIt works its way up the chain to the main contractors in this way.\u201d<\/p>\n

Morley added: \u201cAll the market forces suggest an increase in insolvencies. Construction is insulated because work is committed for the next couple of years but clients are not committing to work in the future so the pipeline is drying up. This trickles down the supply chain.<\/p>\n

\u201cSo there are dual pressures working up and down the chain. Regional players, perhaps up to \u00a3100m in revenue, get hit in the middle. They have often diversified and looked to work outside their usual area.\u201d<\/p>\n

Stephen Rawlinson, director at consultancy Applied Value, said the latest figures showed how much better big contractors had become at managing economic pressure.<\/p>\n

\u201cIt is increasingly tough in the construction sector but the larger contractors are managing subbies a lot better than they were. I\u2019m convinced that a couple of decades ago we\u2019d be seeing much higher insolvency numbers with these economic conditions.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Company name<\/td>\nLocation<\/td>\nDate of administration<\/td>\nType of documents filed<\/td>\nConstruction activities<\/td>\n<\/tr>\n
ACTIVE MAINTENANCE SOLUTIONS LTD<\/td>\nNorthern Ireland<\/td>\n17 Dec<\/td>\nIn Administration<\/td>\nOther building completion and finishing<\/td>\n<\/tr>\n
ALBANY BRENT GROUP LTD<\/td>\nEssex<\/td>\n16 Dec<\/td>\nAdministration Order<\/td>\nOther specialised construction activities n.e.c.<\/td>\n<\/tr>\n
ARTHOUSE LTD<\/td>\nLancashire<\/td>\n28 Dec<\/td>\nAdministration Order<\/td>\nFloor and wall covering<\/td>\n<\/tr>\n
BIRCHDENE LTD<\/td>\nSurrey<\/td>\n01 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
BREDASDORP INVESTMENTS LTD<\/td>\nLondon<\/td>\n08 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
BROOKSLAND LTD<\/td>\nLancashire<\/td>\n23 Dec<\/td>\nAdministration Order<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
DNA (NESTLES SQUARE) LTD<\/td>\nBuckinghamshire<\/td>\n23 Dec<\/td>\nAdministration Order<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
GRAY’S INN SECURITIES LTD<\/td>\nLondon<\/td>\n30 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
JUSTICE SUPPORT SERVICES (NORTH KENT) LTD<\/td>\nLondon<\/td>\n12 Dec<\/td>\nAdministration Order<\/td>\nConstruction of commercial buildings<\/td>\n<\/tr>\n
LOK DEVELOPMENTS 09 LTD<\/td>\nNewcastle<\/td>\n21 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nConstruction of commercial buildings<\/td>\n<\/tr>\n
LONGPRIME LTD<\/td>\nLondon<\/td>\n29 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
LPG 2 LTD<\/td>\nManchester<\/td>\n02 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
MAINTAINING ENVIRONMENTS LTD<\/td>\nHampshire<\/td>\n08 Dec<\/td>\nAdministration Order<\/td>\nElectrical installation<\/td>\n<\/tr>\n
MAYTREE CONSTRUCTION LTD<\/td>\nLancashire<\/td>\n21 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nConstruction of domestic buildings<\/td>\n<\/tr>\n
PRO-FIT WINDOWS & DOORS (YEOVIL) LTD<\/td>\nSomerset<\/td>\n14 Dec<\/td>\nAdministration Order<\/td>\nJoinery installation<\/td>\n<\/tr>\n
PROTECTIVE ENVIRONMENTS LTD<\/td>\nHampshire<\/td>\n08 Dec<\/td>\nAdministration Order<\/td>\nElectrical installation<\/td>\n<\/tr>\n
QUE STEEL LTD<\/td>\nSheffield<\/td>\n20 Dec<\/td>\nAdministration Order<\/td>\nOther specialised construction activities n.e.c.<\/td>\n<\/tr>\n
REGENERATION (UK) LTD<\/td>\nLondon<\/td>\n15 Dec<\/td>\nAdministrator Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
RYE HILL PARK DEVELOPMENTS LTD<\/td>\nKent<\/td>\n09 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
SEQUOIA LIVING WANTAGE LTD<\/td>\nLondon<\/td>\n29 Dec<\/td>\nAdministrative Receiver Appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
UNIVERSAL SERVICES AND EQUIPMENT LTD<\/td>\nGloucestershire<\/td>\n12 Dec<\/td>\nAdministration Order<\/td>\nConstruction of utility projects for electricity and telecommunications<\/td>\n<\/tr>\n
WINDHOIST LTD<\/td>\nScotland<\/td>\n06 Dec<\/td>\nIn Administration<\/td>\nOther specialised construction activities n.e.c.<\/td>\n<\/tr>\n
WORKING ENVIRONMENTS LTD<\/td>\nHampshire<\/td>\n08 Dec<\/td>\nAdministration Order<\/td>\nElectrical installation<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Read More<\/a>
\n Greg Pitcher<\/p>\n","protected":false},"excerpt":{"rendered":"

Twenty-three construction administrations were recorded in December \u2013 more than one for every working day of the month. Data compiled by Creditsafe showed that 19 firms entered the process in the weeks before Christmas, with another four following before the end of the year. The total is down from November, when 34 companies in the<\/p>\n","protected":false},"author":1,"featured_media":595464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[204,966],"tags":[],"class_list":{"0":"post-595463","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-firms","8":"category-revealed"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/595463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=595463"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/595463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/595464"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=595463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=595463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=595463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}