Administrations

Mace is predicting weak growth to continue in 2024. The firm’s consultancy arm has warned that the Bank of England’s predictions of a flatlining economy, high interest rates and the fact that contractors have “already squeezed margins as far as they can go” means tender-price inflation will ease. In a…

Construction insolvencies in the past year were 36 per cent higher than before the pandemic, new statistics show. According to the latest figures from the Insolvency Service, 4,317 construction firms went out of business in the year to 31 October 2023. This was a jump of 9 per cent from…

The National House Building Council (NHBC) has made losses on its modular housebuilding warranty scheme due to the number of firms in the sector going bust. Richard Smith, head of standards, innovation and research at the trade body, revealed the damage at the House of Lords built environment committee last…

Former employees of collapsed Jehu Group are still waiting to hear how much money they are owed after being made redundant more than a year ago, it has emerged. A progress report from administrators at Begbies Traynor said an Employment Tribunal claim was underway to determine how much ex-staff were…

HMRC has criticised the behaviour of two insolvency practitioners who oversaw an aborted attempt to save Squibb Group in the run-up to its demise. Louise Baxter and Dominik Thiel-Czerwinke, from insolvency specialist Begbies Traynor, had been nominated to implement a proposed company voluntary arrangement (CVA) that would have created a…

HMRC is chasing £16.5m from demolition firm Squibb Group after its fraud unit found the firm’s directors had made improper payments over 12 years, including the use of funds for personal expenses. Yesterday, the High Court granted a winding-up order against the firm, bringing in the official receiver to handle…

More than one-third of the firms that went into administration in November employed two or fewer staff November saw a monthly total of 33 business failures – one fewer than November 2022. Despite this relative stability, however, the year-to-date total of 345 administrations marks a 49 per cent increase on…

Michael J Lonsdale owed more than £120m when it collapsed, Construction News can reveal. The Berkshire-headquartered mechanical & electrical (M&E) specialist went into administration in October, after 36 years of trading. A new report by administrators from Begbies Traynor has revealed that the firm owed trade creditors £65m, employees £3.4m…

Main contractor Colmore Tang has entered voluntary liquidation after being hit by a winding up order from HMRC. The Birmingham-headquartered firm, which turned over £95m in the year to 31 May 2018, had been downsizing since the pandemic hit and since 2021 had not generated enough revenue to be required…

Squibb Group has applied to enter administration after 75 years of trading. The family-owned demolition specialist, which employs 180 staff and is based in Stanford-le-Hope, Essex, lodged the application just before the end of business on Friday last week. The application creates a moratorium during which no legal action by…