Financial

A local authority faces the prospect of having to change its main contractor on a residential scheme for a second time after the replacement firm announced it was suffering severe financial problems. Last month, client Wokingham Borough Council announced that Osborne would take over a 55-home development called Carnival Place…

The number of construction firms facing significant financial pressure has risen almost 40 per cent over the past year, according to data from a leading insolvency practice. Begbies Traynor’s latest ‘Red Flag Alert’ today showed 83,559 companies in the sector were facing “significant financial distress”, up 38.6 per cent on…

A merger last year between two duct suppliers could increase the cost of commercial projects, the UK competition regulator has concluded. The Competition and Markets Authority (CMA) launched an investigation in November into Lindab’s acquisition of Birmingham-based HAS-Vent, over fears the move might limit competition in duct supply. The combination…

Steelwork specialist Shufflebottom has been sold to a startup steel construction acquisition vehicle. The firm has been acquired by Embrace Steel Group, a company incorporated in 2020, whose website says it is committed to “assembling a team of industry experts in steel frame building design and manufacturing through strategic acquisitions”.…

A Merseyside-based facade specialist that worked on the Oxford Science Park has entered liquidation. Complete Facade Systems (CFS), based in Haydock, St Helens, appointed liquidators after becoming unable to pay its debts. Notice was given yesterday (24 April) that the company had been voluntarily wound up and Lisa Ion and…

Materials firm Breedon Group has mitigated the impact of lower sales volumes through its pricing strategy. The UK, Ireland and US-based company said in a trading statement this morning (24 April) that sales volumes were down 9 per cent in the first quarter of this year when compared with the…

Inflation and high labour costs in residential construction did not stop a Lincoln-based contractor from increasing revenue and profit last year. Lindum Group recorded a slight increase in turnover to £186.2m, up from £185.1m the year before, its accounts for the year to 30 November 2023 show. Pre-tax profit also…

The former director of a subcontractor has blamed a dispute with Vinci's UK building solutions arm for putting his company out of business. Ex-Marshdale Construction Ltd director Ben Edgar made the claim in a report published on Companies House last Friday (19 April) by the firm's administrator, insolvency firm Currie…

Watkin Jones has replaced its chief financial officer (CFO) with a finance executive from the property sector. Sarah Sergeant is stepping down after two and a half years in the role, the firm announced today, and will be replaced by Simon Jones, formerly CFO at Watford-based property firm Mapeley Estates Limited.…

Former employees of a collapsed contractor have waited more than five years to be paid money they are owed. A new report, filed earlier this month at Companies House by administrators at Begbies Traynor, said that the ex-employees were still expected to be paid in full, but the liquidators were…