Buckingham Contracting Group has entered administration with redundancy for about 500 employees.
On Monday afternoon, Kier introduced it had purchased the ailing contractor’s rail engineering enterprise for £9.6m, saving round 180 jobs. Nonetheless, directors from Grant Thornton – who had been appointed earlier the identical day – stated they’ve did not promote another divisions.
Along with the introduced 445 redundancies, an extra 45 workers are set to lose their jobs however have been retained briefly “to function a part of the corporate’s head workplace perform for a brief interval”, Grant Thornton introduced in a press release.
It added: “Following latest vital cashflow pressures and subsequent losses incurred by the enterprise [Buckingham], the administrators and its advisors have been working laborious to ship a profitable refinancing and safe the way forward for the enterprise.
“Nonetheless, the legacy points confronted by the corporate and ongoing losses had been just too nice to allow the refinance to achieve an appropriate timescale.”
Mike Kempley, chairman of Buckingham Group Contracting, stated he was “extraordinarily unhappy” by the demise of the £665m-turnover firm, which was the biggest building firm to go bust since Carillion in January 2018.
‘’After 36 years of uninterrupted buying and selling, that is a particularly unhappy day for all of the exceptionally dedicated and proficient individuals who have made Buckingham Group Contracting the enterprise it’s,” he stated.
“In transferring to Kier, we’re positive our Rail & HS2 groups are in good fingers and can proceed to ship a wonderful service, and lots of different companies are actually participating with the remaining 500 or so Buckingham workers.
“We wish to take this chance to thank the consumer and provide chain companies who’ve supported the Firm over a few years.’’
The Buckingham divisions which weren’t bought are its constructing; civil engineering; demolition; main tasks; and sport and leisure companies.
Among the many contractor’s main ongoing tasks are stands at Liverpool FC’s Anfield stadium and Fulham FC’s Craven Cottage stadium. It was additionally because of start work on a £140m new stadium in Belfast for the Ulster Gaelic Athletic Affiliation.