East Midlands-based agency Robert Woodhead is ready to be positioned into voluntary liquidation, with most workers being made redundant.
RSM UK Restructuring Advisory was known as in final week as administration on the agency, situated in Edwinstowe, Nottinghamshire, started the method of shuting it down.
The strain of fixed-price contracts in a market of value inflation was outlined because the “root trigger” of the agency’s failure by its administrators.
Teresa Westwood, managing director at Robert Woodhead Restricted, mentioned administrators had been “devastated” in making the choice to close up store.
She mentioned: “Having labored tirelessly to mitigate these points over latest months, finally the enterprise confronted a spread of cashflow challenges in latest weeks that proved insurmountable and concluded that the corporate couldn’t proceed buying and selling.”
The contractor, which has ceased buying and selling after 76 years of enterprise, labored on a spread of tasks, from residential and business new builds, restore and upkeep. It was additionally concerned in heritage and conservation jobs, engaged on the renovation of Grade I-listed Wentworth Woodhouse from 2018-2020.
RSM mentioned that “the bulk” of Woodhead workers have been made redundant.
Amongst its tasks left unfinished is a £36m job to construct 400 properties and a wellbeing centre within the Derbyshire areas of Langwith, Shirebrook and Creswell.
According to the BBC, Bolsover District Council has now taken over the completion of the venture. Though the collapsed contractor was midway by means of its four-year contract, the media outlet reviews that solely 37 properties have been readied to date.
The newest accounts for the agency coated the yr ending on 31 October 2021 and confirmed that the typical variety of month-to-month workers was 32. This was 10 lower than the determine for 2020.
Turnover fell to £39.7m for 2021 when it made a pre-tax revenue of £195,854. Within the prior monetary yr it turned over £42.7m and posted a £3.54m loss.
Robert Woodhead Restricted traded because the Woodhead Group and comprised building, property administration and a housebuilding arm it established in 2017.