Financial

Construction output has fallen for a second successive month, according to official figures. The Office for National Statistics found that £15.6bn of work was carried out in the sector in November 2023. This was down 0.2 per cent on October and 0.6 per cent on September, and represented a six-month…

Permasteelisa has posted an £11.2m pre-tax loss in its latest accounts. The company, which was the UK’s largest envelope specialist between 2018-22, blamed inflation and legacy issues for the loss in the year to 31 March 2023. In its previous financial year, the firm, whose jobs often involve glazing skyscrapers…

Two companies that form envelope specialist Lindner Prater have posted a combined £39.3m pre-tax loss from a revenue of £105m. Lindner Exterior Holdings, which owns Prater Ltd, made a £30.5m loss from a revenue of £43.3m in 2022, while Linder Prater Ltd made an £8.8m loss from £61.8m turnover, according…

A London-based public sector contractor has started liquidation proceedings after nearly 50 years in business. Diamond Build Plc and its subsidiary Diamond Fire Safety both ceased trading last Friday (5 January). A notice has been sent informing creditors that the companies will go into liquidation on 19 January. Diamond Build…

A senior Scottish minister has met with administrators for Stewart Milne Group after 217 employees of the collapsed company were made redundant on Monday (8 January). Neil Gray, cabinet secretary for wellbeing economy, fair work and energy, met with administrators from Teneo on Tuesday morning (9 January) to discuss employment…

A leading figure in Scottish housebuilding has urged ministers north of the border to “take action” amid fears of further business failures in the wake of Stewart Milne Group entering administration. On Monday (8 January), the Aberdeen-headquartered firm announced it would cease trading after failing to find a buyer –…

The amount of construction work starting on site in the run-up to Christmas was a fifth lower than the same period a year earlier, research has revealed. Data from industry intelligence provider Glenigan showed the value of projects getting underway in the final quarter of 2023 was significantly down compared…

Demolition and civils specialist John F Hunt Group has posted a 44 per cent hike in turnover. The Essex-based firm this week revealed revenue of £157.1m for the 12 months to 31 March 2023. This was up from £108.8m in the previous year, while pre-tax profit soared by 72 per…

Stewart Milne Group has gone into administration after attempts to sell the business failed, with more than 200 people made redundant. The Aberdeen-headquartered housebuilder and developer appointed consultants to help find a buyer in several rounds since April 2022 as chair and founder Stewart Milne planned his retirement. According to…

Mechanical and electrical (M&E) specialist Gratte Brothers doubled its turnover in the year to 31 March 2023, newly released accounts show. The King’s Cross-headquartered company saw revenue reach £250.2m in the period, up from £124.6m the year before. However, pre-tax profit increased far less, rising to £2m from £1.6m, giving…