{"id":625894,"date":"2023-04-05T14:49:49","date_gmt":"2023-04-05T19:49:49","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/05\/revealed-the-38-firms-that-went-into-administration-in-march\/"},"modified":"2023-04-05T14:49:49","modified_gmt":"2023-04-05T19:49:49","slug":"revealed-the-38-firms-that-went-into-administration-in-march","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/05\/revealed-the-38-firms-that-went-into-administration-in-march\/","title":{"rendered":"Revealed: the 38 firms that went into administration in March"},"content":{"rendered":"
\n

Thirty-eight construction companies fell into administration in March.<\/span><\/p>\n

Not only was the total<\/span> eight higher than February\u2019s tally<\/span><\/a> and 23 more than January, but it also marked an all-time high since <\/span>Construction News <\/span><\/i>began publishing monthly administrations data from Creditsafe in January 2020.<\/span><\/p>\n

The previous record was set in February 2020 with 36 administrations.<\/span><\/p>\n

The first-quarter (Q1) total of 83 insolvencies was almost another record, beaten only by the 90 business collapses recorded in Q1 2020.<\/span><\/p>\n

\u201cA lot of construction is typically low-margin \u2013 and, really, that means there\u2019s not an awful lot of ability [for companies to] take knocks,\u201d said Allan Kelly, a Newcastle-based partner in the restructuring team at FRP Advisory. \u201cThere’s not much wiggle room, and if there is a problem like inflation or a bad contract, it can completely derail a business.\u201d<\/span><\/p>\n

Among the most notable casualties in March was Northern Irish M&E contractor William Coates Ltd, which had been in business since 1964. Scott Murray and Ian Davison of Keenan Corporate Finance were appointed as joint administrators of the company on 2 March.<\/span><\/p>\n

William Coates specialised in commercial, industrial and educational projects in Northern Ireland and the UK mainland. It was the M&E subcontractor for Gilbert-Ash on significant completed projects such as the \u00a360m extension of the National Portrait Gallery in London and a business school (pictured) at the University of Brighton in Sussex.<\/span><\/p>\n

In its most recent set of annual accounts, made up to 31 March 2021, the County Antrim-based firm posted full-year turnover of \u00a313m \u2013 down by 25 per cent on the previous year \u2013 although it still made a modest profit of \u00a338,321 against a loss of \u00a32.4m in 2020.<\/span><\/p>\n

Six other companies that collapsed in March were large enough to file detailed accounts with Companies House. <\/span>CN <\/span><\/i>previously reported on the<\/span> demise<\/span><\/a> of cladding firm Jessella and Jarvis Contracting (both<\/span> based in Hertfordshire<\/span><\/a>), as well as the failure of M&E specialist Norstead (sister firm of Newcastle-based Metnor, which itself went under in February).<\/span><\/p>\n

Yorkshire blues<\/b><\/h3>\n

The March list also includes Torpoint Ltd, which began trading in 1993 and boasted a portfolio of completed residential and educational projects in northern England, especially Yorkshire.<\/span><\/p>\n

In its most recent set of audited accounts for the year ending 28 February 2022, the company recorded net assets of almost \u00a34.6m, while turnover surged by 22.5 per cent to \u00a324.2m.<\/span><\/p>\n

However, six months later, Torpoint noted \u201ccashflow pressures\u201d arising from a combination of payment delays, higher material prices \u201cand a delay in the sale of properties\u201d built by its development subsidiary Torpoint (Littlemoor) Ltd, which remains in business.<\/span><\/p>\n

Company directors attempted to stave off disaster by extending terms of credit with suppliers, chasing payment of overdue retentions and taking out an additional loan facility.<\/span><\/p>\n

Eventually, however, Rushtons Insolvency was appointed as administrator for the Bradford-based contractor.<\/span><\/p>\n

Castlehouse Construction Ltd was another Yorkshire-based contractor to fail in March. The company had a track record of industrial and commercial projects in northern England, including several supermarkets for Lidl.<\/span><\/p>\n

Administrators from Minerva have been appointed.<\/span><\/p>\n

Castlehouse recorded turnover of \u00a323.6m for the year ending 31 March 2022, up from \u00a321.09m the previous year, but higher \u201cadministrative expenses\u201d pushed profitability into the red with a net loss of \u00a3132,452.<\/span><\/p>\n

Interpath was appointed as administrative receiver last month for Rutherford Estates Ltd, a construction subsidiary of the collapsed cancer-treatment provider Rutherford Health Group.<\/span><\/p>\n

In its most recent accounts for 2019\/20, turnover at Rutherford Estates grew by \u00a31m to reach \u00a31.5m, although net liabilities totalled \u00a333.6m.<\/span><\/p>\n

Directors admitted that \u201cthere are material uncertainties of the going concern assumption of the [Rutherford Health] Group, which has in turn caused material uncertainty of its ability to provide continuing financial support\u201d to Rutherford Estates.<\/span><\/p>\n

Only three of the four planned Rutherford oncology centres were operational by the time Covid hit the UK in March 2020, and disruption triggered by the pandemic caused the entire group to be wound up in June 2022.<\/span><\/p>\n

CN<\/span><\/i> reported in early April that Channel Islands-based contractor Garenne Construction Group Ltd was<\/span> placed into administration<\/span><\/a> after the liquidation of its subsidiary, Camerons, while County Durham-based steel supplier Intelligent Steel Solutions is<\/span> set to be liquidated<\/span><\/a> by mid-April.<\/span><\/p>\n

So will the situation across the industry deteriorate further? Brian Burke, a restructuring specialist and managing director of independent advisory firm Quantuma, said that some firms could \u201creposition their cost base\u201d by picking up contracts and finishing off work left by collapsed companies.<\/span><\/p>\n

However, the cost of materials and labour each remain too high, in Burke\u2019s view, and chancellor of the exchequer Jeremy Hunt did not address these industry-specific issues in last month\u2019s Spring Budget announcement.<\/span><\/p>\n

\u201cThe chancellor is clearly trying to bring inflation under control in general,\u201d Burke said. \u201cAnd, obviously, reduced inflationary pressures will be helpful to everybody. But in terms of specific measures that benefit the construction sector, I\u2019m not aware of any in the Budget.\u201d<\/span><\/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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Company name<\/strong><\/td>\nLocation<\/strong><\/td>\nDate of administration<\/strong><\/td>\nType of documents filed<\/strong><\/td>\nDescription of company activities<\/strong><\/td>\n<\/tr>\n
ABS RESTORATION LTD<\/td>\nLiverpool<\/td>\n3 March<\/td>\nAdministration order<\/td>\nOther specialised construction activities<\/td>\n<\/tr>\n
AMBERCROFT CONSTRUCTION LIMITED<\/td>\nLondon<\/td>\n29 March<\/td>\nAdministrative receiver appointed<\/td>\nConstruction of domestic buildings<\/td>\n<\/tr>\n
BOAT RACE HOUSE LIMITED<\/td>\nBerkshire<\/td>\n23 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
CARD PROPERTY DEVELOPMENTS LTD<\/td>\nBrecon<\/td>\n1 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
CASTLEHOUSE CONSTRUCTION LTD<\/td>\nLeeds<\/td>\n17 March<\/td>\nIn administration<\/td>\nConstruction of commercial buildings<\/td>\n<\/tr>\n
CONAIR (UK) LIMITED<\/td>\nDevon<\/td>\n24 March<\/td>\nIn administration<\/td>\nPlumbing, heat and air-conditioning installation<\/td>\n<\/tr>\n
CTBO LTD<\/td>\nSunderland<\/td>\n9 March<\/td>\nIn administration<\/td>\nElectrical installation<\/td>\n<\/tr>\n
DIWAN PROPERTY DEVELOPMENT LTD<\/td>\nLondon<\/td>\n6 March<\/td>\nAdministrative receiver appointed<\/td>\nConstruction of domestic buildings<\/td>\n<\/tr>\n
E J CIVILS LIMITED<\/td>\nLincoln<\/td>\n11 March<\/td>\nIn administration<\/td>\nConstruction of commercial buildings<\/td>\n<\/tr>\n
FRED WATKINS (ESTATES) LIMITED<\/td>\nGloucester<\/td>\n2 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
GRAVITY FLOORING (UK) LIMITED<\/td>\nLondon<\/td>\n31 March<\/td>\nAdministration order<\/td>\nFloor and wall covering<\/td>\n<\/tr>\n
HOMES BY TRAFALGAR DURHAM LIMITED<\/td>\nDurham<\/td>\n29 March<\/td>\nAdministrative receiver appointed<\/td>\nConstruction of commercial buildings<\/td>\n<\/tr>\n
HURST ELECTRICAL CONTRACTORS LIMITED<\/td>\nLeeds<\/td>\n24 March<\/td>\nIn administration<\/td>\nElectrical installation<\/td>\n<\/tr>\n
ICD ENERGY GROUP LIMITED<\/td>\nBarnsley<\/td>\n27 March<\/td>\nAdministration order<\/td>\nPlumbing, heat and air-conditioning installation<\/td>\n<\/tr>\n
JAMES WOOD (ELMER ARLYSS) DEVELOPMENTS LIMITED<\/td>\nLondon<\/td>\n11 March<\/td>\nIn administration<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
JARVIS CONTRACTING LIMITED<\/td>\nHertfordshire<\/td>\n11 March<\/td>\nIn administration<\/td>\nConstruction of commercial buildings<\/td>\n<\/tr>\n
JESSELLA LIMITED<\/td>\nHertfordshire<\/td>\n9 March<\/td>\nIn administration<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
MULBURY HOMES (GREG STREET) LIMITED<\/td>\nCheshire<\/td>\n20 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
NATIONWIDE FRAME SERVICES (NORTH WEST) LIMITED<\/td>\nLancashire<\/td>\n14 March<\/td>\nIn administration<\/td>\nGlazing<\/td>\n<\/tr>\n
NORSTEAD LIMITED<\/td>\nNewcastle upon Tyne<\/td>\n9 March<\/td>\nIn administration<\/td>\nElectrical installation<\/td>\n<\/tr>\n
OHC PROPERTY FIVE LIMITED<\/td>\nYork<\/td>\n23 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
OHC PROPERTY FOUR LIMITED<\/td>\nYork<\/td>\n8 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
PEAR TREE DRIVE LIMITED<\/td>\nLondon<\/td>\n14 March<\/td>\nIn administration<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
R O’DONNELL PLANT & CIVIL LTD<\/td>\nHull<\/td>\n28 March<\/td>\nIn administration<\/td>\nConstruction of other civil engineering projects<\/td>\n<\/tr>\n
RAM SAFETY SOLUTIONS UK LTD<\/td>\nCheshire<\/td>\n28 March<\/td>\nIn administration<\/td>\nOther specialised construction activities<\/td>\n<\/tr>\n
REVO LEISURE SERVICES LIMITED<\/td>\nBerkshire<\/td>\n22 March<\/td>\nIn administration<\/td>\nOther specialised construction activities<\/td>\n<\/tr>\n
RUTHERFORD ESTATES LIMITED<\/td>\nHereford<\/td>\n3 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
RUTHERFORD INFRASTRUCTURES LIMITED<\/td>\nHereford<\/td>\n3 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
STEPSANDCO LIMITED<\/td>\nLondon<\/td>\n21 March<\/td>\nAdministrative receiver appointed<\/td>\nConstruction of domestic buildings<\/td>\n<\/tr>\n
STOAK HOMES LIMITED<\/td>\nSurrey<\/td>\n27 March<\/td>\nAdministrative receiver appointed<\/td>\nConstruction of domestic buildings<\/td>\n<\/tr>\n
SUMMER HOUSE LONDON LIMITED<\/td>\nLondon<\/td>\n10 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
TORPOINT LIMITED<\/td>\nBradford<\/td>\n28 March<\/td>\nAdministration order<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
TRIBUS ENERGY SOLUTIONS LIMITED<\/td>\nDurham<\/td>\n29 March<\/td>\nAdministration order<\/td>\nConstruction of other civil engineering projects<\/td>\n<\/tr>\n
WARMECH LTD<\/td>\nWorcestershire<\/td>\n30 March<\/td>\nIn administration<\/td>\nConstruction of other civil engineering projects<\/td>\n<\/tr>\n
WEST HOE DEVELOPMENTS (PLYMOUTH) LTD<\/td>\nPlymouth<\/td>\n2 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
WESTBRIDGE DEVELOPMENTS LIMITED<\/td>\nBolton<\/td>\n13 March<\/td>\nAdministrative receiver appointed<\/td>\nDevelopment of building projects<\/td>\n<\/tr>\n
WILLIAM COATES LTD<\/td>\nCounty Antrim<\/td>\n9 March<\/td>\nIn administration<\/td>\nElectrical installation<\/td>\n<\/tr>\n
WINREM LTD<\/td>\nKent<\/td>\n29 March<\/td>\nIn administration<\/td>\nOther construction installation<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

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

Thirty-eight construction companies fell into administration in March. Not only was the total eight higher than February\u2019s tally and 23 more than January, but it also marked an all-time high since Construction News began publishing monthly administrations data from Creditsafe in January 2020. The previous record was set in February 2020 with 36 administrations. The<\/p>\n","protected":false},"author":1,"featured_media":625895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[204,966],"tags":[],"class_list":{"0":"post-625894","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\/625894","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=625894"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/625894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/625895"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=625894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=625894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=625894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}