Financial

Homebuilder JS Crawford Contracts (Borders) Limited has gone into provisional liquidation, following a delay to completion of a development in Melrose in the Scottish Borders. Blair Nimmo and Alistair McAlinden from Interpath Advisory were appointed on 7 February to handle affairs at the business. JS Crawford, a family-run firm, was…

Profit and revenue have both dropped at Higgins Group amid a big increase in remediation costs and a redundancy programme. Newly released accounts for the Essex-headquartered contractor, covering the year to 31 July 2023, show that revenue fell to £171.9m from £215.9m in the previous year, which it blamed partly…

Administrators have officially been appointed for logistics and warehouse specialist Readie Construction Ltd. A notice on the company website states that it is in administration and has ceased trading with immediate effect, after Constantinos Pedhiou and Gary Shankland of Begbies Traynor were called in yesterday to begin winding down the…

Housebuilder Barratt has agreed a deal to buy rival Redrow, allowing the combined business to make £90m in cost savings, it announced this morning. An announcement to the London Stock Exchange said that the £2.5bn deal, which would make the new firm the biggest housebuilder in the UK, would drive…

McLaren Construction ended its 2022/23 financial year with revenue of £964m, a 22 per cent increase on its 2021/22 total of £751.7m – and it expects further growth in the year to come. The latest annual financial results exceeded expectations, as McLaren had forecast full-year turnover of £878.5m in the…

Administrations continue to rise as insolvencies soar and more construction firms teeter on the brink The construction sector started 2024 with yet another year-on-year increase in business administrations. Data from Creditsafe showed that 26 firms collapsed in January compared with 15 in the first month of 2023. Just four companies…

Homes England may be in line to recover £4.3m from the collapsed Ilke Homes administrators have now said, leaving it with a loss of £64.5m. Private equity-backed offsite specialist Ilke went into administration in June, with a loss of more than 1,000 jobs. An initial report from administrators at AlixPartners…

Fewer office and industrial warehouse projects in the next two years will dampen demand for structural steel, according to the British Constructional Steelwork Association (BCSA). A survey of 750 built environmental professionals, commissioned by the BCSA and released last Friday, predicts structural steelwork consumption in the UK to fall from…

Ardmore has blamed inflation, supply-chain failures and “some poor management” as the reasons it suffered a £10.8m pre-tax loss for the year ending 30 September 2023. Newly released financial results show that the main contractor’s turnover dropped to £403.1m from £435.1m – falling far short of the £447.8m it expected…

Envelope specialist Clarison Group has reported a £6.9m pre-tax loss despite growing turnover 45 per cent to £84.9m. The London-headquartered firm’s latest plunge into the red, for the 12 months to 31 December 2022, follows a £4.7m pre-tax loss in the prior year. Directors of the firm said a “substantial”…