{"id":601205,"date":"2023-01-25T19:49:48","date_gmt":"2023-01-26T01:49:48","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/25\/groundworks-specialist-collapses-into-administration\/"},"modified":"2023-01-25T19:49:48","modified_gmt":"2023-01-26T01:49:48","slug":"groundworks-specialist-collapses-into-administration","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/25\/groundworks-specialist-collapses-into-administration\/","title":{"rendered":"Groundworks specialist collapses into administration"},"content":{"rendered":"
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\"Closed <\/p>\n

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Contractor S&I Groundworks has fallen into administration.<\/p>\n

The \u00a341m-turnover firm, based in Burton-on-Trent, appointed administrators from business restructuring firm KBL Advisory this week.<\/p>\n

S&I attributed the issues to the COVID-19 pandemic and the Russian invasion of Ukraine.<\/p>\n

KBL Advisory cited materials, fuel, wages inflation, and \u201cincreased competition in the market for key staff\u201d for the collapse.<\/p>\n

\u201cSignificant cashflow pressure as a consequence of cost inflation and economic uncertainty left the directors with no option but to place the company into administration,\u201d KBL\u2019s statement added.<\/p>\n

S&I\u00a0worked on projects with housebuilders including Barratt Homes, Crest Nicholson, Vistry and Gleeson, according to its website.<\/p>\n

In its most recent accounts, for the year ending 31 May 2021, the firm tabled a \u00a341m turnover, up from the \u00a324.7m it posted the year before. But pre-tax profit rose by a smaller proportion, coming in at \u00a31.9m compared with \u00a31.4m a year earlier.<\/p>\n

S&I opened a second office, in Knutsford, Cheshire, over the course of the year ending 31 May 2021, allowing it to \u201caccommodate the increase in the group\u2019s performance, increase employee numbers and future growth\u201d, the accounts state.<\/p>\n

The firm increased headcount that year to 21 full-time staff, compared with 13 staff the year prior. But it also more than doubled its borrowings in the period, according to the accounts, owing \u00a38.8m to creditors compared with \u00a33.9m in 2020. The majority of that had to be paid within 12 months.<\/p>\n

Administrations have increased rapidly since last year as the construction sector battles soaring energy and material prices following increased labour costs and sector uncertainty.<\/p>\n

CN<\/em>\u00a0recently revealed that\u00a023 construction administrations were recorded in December<\/a>\u00a0\u2013 more than one for every working day of the month. FRP Advisory restructuring partner Glyn Mummery warned at the time that December was generally a quiet period for insolvencies.<\/p>\n

\u201cJanuary is a long month and we expect to see an increase in activity,\u201d he said. \u201cA lot of businesses are carrying debt following the recession, and servicing the debts is becoming harder.\u201d<\/p>\n

Business recovery specialist Begbies Traynor warned this week that the number of construction companies in \u201ccritical financial distress<\/a>\u201d has continued to grow amid cost inflation and economic uncertainty.<\/p>\n<\/p><\/div>\n

Related articles<\/h3>\n<\/p><\/div>\n

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

Contractor S&I Groundworks has fallen into administration. The \u00a341m-turnover firm, based in Burton-on-Trent, appointed administrators from business restructuring firm KBL Advisory this week. S&I attributed the issues to the COVID-19 pandemic and the Russian invasion of Ukraine. KBL Advisory cited materials, fuel, wages inflation, and \u201cincreased competition in the market for key staff\u201d for the<\/p>\n","protected":false},"author":1,"featured_media":601206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111288,34921],"tags":[],"class_list":{"0":"post-601205","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-groundworks","8":"category-specialist"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/601205","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=601205"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/601205\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/601206"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=601205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=601205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=601205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}