Financial

Clegg Construction has posted a £3.1m pre-tax loss as “extraordinary” inflationary pressure hit its fixed-price contracts. The firm slipped into the red despite turnover increasing by over a third to £72.8m, according to its annual report and financial statements for the year ending 31 December 2022. The year before, it…

Construction firms will be forced to report on retention payments as part of government reforms to drive down payment waiting times. Following a consultation aimed at tackling the “worst kind of poor payment practices”, the Department for Business and Trade (DBT) said it had decided to go ahead with proposals…

Willmott Dixon has been appointed to replace Buckingham on the final stages of the £120m Swansea Central Phase One project. Most of the scheme has already opened, including the new Swansea Arena, the Copr Bay south car park, the coastal park, the Green Room Bar and Kitchen and a residential…

Michael J Lonsdale, one of the UK’s largest M&E contractors, has appointed administrators. The company, which has offices in London and Langley, Berkshire, was founded in 1986 and turned over more than £2.9bn in almost 40 years of trading, working on major project such as the 51-storey 8 Bishopsgate tower…

A Manchester-based contractor owned by the Chinese state has reported a loss, after its revenue fell by 61 per cent. Beijing Construction Engineering Group UK (BCEGI) blamed “macroeconomic issues” for a pre-tax loss of £5.4m in the year to 31 December 2022, after its turnover tumbled from £62.9m to £24.4m.…

Buckingham Group imploded owing more than £108m, according to its administrators. The tier one contractor collapsed earlier this month after suffering “significant and increasing losses incurred on key sports and leisure contracts due to inflation pressures”, according to a statement of proposals document written by administrators from Grant Thornton. Buckingham,…

The UK’s second-largest steel contractor William Hare continued to lose money last year – though its total loss for the period has more than halved since its previous financial year. The company’s accounts to the end of December 2022 showed a pre-tax loss of £853,000, compared with £2.2m in 2021.…

Housebuilder and brownfield developer Inland Homes is set to appoint administrators, as ongoing uncertainty related to regulatory compliance means it cannot publish audited accounts for the past two financial years. Inland filed a notice of intent to appoint administrators yesterday (27 September), with the directors selecting David Hudson and Phil…

Housing contractor Real LSE has filed a notice to appoint administrators. The £19m-turnover firm sent the application to the Companies Court last Friday (22 September), according to CreditSafe. Real LSE is a subsidiary of Real Group, focusing on projects in London and the South East of England. It made a…

A contractor that carried out projects worth up to £15m has fallen into administration. Westridge Construction Ltd filed a notice of intention to appoint administrators on 12 September – now a new notice confirms that Vincent Green and Steven Edwards of Crowe UK were appointed as administrators three days later.…