Financial

Modular startup Modulous has filed a notice of intention to appoint administrators. The 50-staff company was launched in London in 2018, offering two complementary services – a kit of parts and automated feasibility study software. The firm describes itself as “the first globally scalable solution to the housing crisis”. However…

Construction activity continued to fall in December, although by less than in recent months, according to the latest S&P Global/CIPS UK  Purchasing Managers’ Index (PMI). The headline figure stood at 46.8 in December, the highest figure for four months. Figures below the neutral 50.0 mark represent a decline in industry…

Downing Construction is chasing the insurers of a collapsed former subcontractor for payment relating to cladding defects. In January last year, Wrexham-headquartered European Sheeting Ltd was found liable for defects on three high-rise blocks at Parkway Gate in Manchester, where Downing Construction subsidiary George Downing Construction was the main contractor…

Utilities contractor M Group Services has acquired home decarbonisation firm AgilityEco, in its latest move to improve its renewable energy capabilities. AgilityEco helps energy providers, local authorities and other companies improve energy efficiency and reduce utility bills. It was bought for an undisclosed sum. The Surrey-based firm joins M Group’s…

Which projects are likely to have the biggest impact on the industry in the year ahead? Keith Cooper reports Houses of Parliament Politicians and construction firms alike are standing by for more details on the beleaguered Palace of Westminster restoration. After more than 7,500 hours of surveys being carried out…

United Living has said that each of its key sectors are experiencing “tailwinds” as it reported a 22 per cent growth in revenue. The Kent-headquartered contractor, which builds new homes and provides property services, as well as carrying out telecoms and infrastructure work, saw its turnover increase from £437m to…

A London borough is racing to replace recently collapsed Westridge Construction on the redevelopment of a travellers’ site, while a West Sussex council has picked a substitute builder to finish a housing development. Westridge Construction entered administration in September owing 872 trade creditors a total of £11.3m, according to a…

Construction administrations rose by 42 per cent last year despite a quiet December A grim year for construction business failures ended on a relatively serene note after Creditsafe data showed that 18 firms entered administration in December 2023 – five fewer than in December 2022. In all, though, the full-year…

Which companies are likely to have the biggest impact on the industry in the year ahead? ISG In November, ISG felt moved to issue a statement denying “unsubstantiated, wholly inaccurate and false claims” about its financial health”. However, it did not elaborate on the nature of these claims. Last year…

Scottish housebuilder Cruden has said it will reduce its contracting work after “unsustainable risk transfer” led it to an £11.7m loss. The Edinburgh-headquartered builder saw its turnover reduce by 27 per cent in the 12 months to 31 March 2023, from £231m to £167.5m. The group also made an £11.7m…