A £57m-turnover West Yorkshire contractor has ceased buying and selling after initiatives have been delayed or cancelled.
Bradford-headquartered HB Initiatives, which specialised in work all through the retail, industrial and industrial sectors, mentioned this week that it was going to nominate directors.
The agency’s administrators mentioned in an announcement: “This has been a tough however mandatory step on account of numerous cancelled and/or deferred initiatives, which has meant that we’re unable to keep up a optimistic cashflow all through the forthcoming months.
“We recognize this motion impacts a lot of individuals, together with our provide chain. We’d additionally want to thank every group member of HB Initiatives for all of your onerous work over time. We’re actually sorry to all.”
They didn’t cite any particular initiatives.
In keeping with its newest printed accounts, for the 12 months to twenty-eight February 2022, the contractor employed 159 workers and turned over £56.6m – up from £46m the earlier 12 months.
Regardless of the income progress, the corporate’s pre-tax revenue had lowered barely to £1.1m from £1.3m in 2021. Within the accounts, the corporate mentioned its margins have been underneath stress on account of inflation and materials and labour shortages.
HB Initiatives, which additionally had workplaces in Glasgow and Livingston, West Lothian, was based in 1998 and supplied companies together with principal contractor, principal designer, and worth engineering to purchasers together with Asda, Ikea and B&Q.
The contractor’s consultancy subsidiary, Onyx Venture Companies, continues to commerce.
An announcement from Onyx mentioned: “Regardless of these adjustments [with HB Projects], it’s enterprise as regular right here at Onyx, and we’re as dedicated as ever to delivering excellent service to all of our purchasers.”