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The Squibb Group Proposes A CVA As It Struggles With Large Debts

8th November 2023Today it has been reported that the virtual meeting for creditors to vote on the potential of a CVA for Squibb Group has been delayed. It was scheduled to take place tomorrow, but now will occur on 21 November 2023. 1st November 2023The construction publication, The Enquirer, has seen a copy of the proposed Company Voluntary Arrangement (CVA) that Squibb has put to its creditors as it seeks to restructure its debts.The proposals by Begbies Traynor show that the company owes £23.3m to over 300 creditors.Unsecured creditors in the supply chain are owed £13.8m.The CVA proposes a dividend to its unsecured creditor of 65p in the pound.The five-year CVA deal would see Squibb make monthly payments of between £100,000 to £160,000 as it continued trading.The company had a time to pay arrangement with  HMRC last year for extra time to pay tax arrears of £4.4m. However a further request or an extension was rejected and HMRC have issued a winding up petition that is due to be heard in December.  It should be noted that HMRC are now secondary preferential creditors and are entitled to 100p in the £1.  CVAs will try and pay HMRC a higher rate in the £1 to secure their support.Squibb has raised extra funds by selling and leasing back its headquarters raising £8m. In addition the Squibb family has loaned the business £4.2m.The CVA document states: “The Company is now in a position to move forward but requires creditor support with existing debts and does not want to proceed into liquidation or administration which would serve to terminate all contracts and result in a worse outcome for creditors as a whole.“The Company is already the subject of an HMRC winding up petition. As a result, it is likely that the Company will be wound up by the Court if the CVA is not approved. This Proposal for a CVA is being presented to creditors as an alternative to the Company being put into liquidation.”75% or more by value of creditors need to agree for the CVA to pass.  KSA Group says that a CVA gives a company a fighting chance of survival and invariably gives a better return to creditors than that of liquidation.  However, they can be difficult to construct and the fundamentals of the business may need to change to ensure its success.  The secured creditors sit outside the CVA so it is important that the company can still pay these creditors in full going forward.

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The Squibb Group Proposes A CVA As It Struggles With Large Debts

Safestyle UK Goes Into Administration

LATEST:Following this mornings announcement, it has been shared that the business has gone into administration. Rick Harrison and Will Wright from Interpath Advisory were appointed joint administrators to H.P.A.S Limited, trading as Safestyle UK, Style Group Holdings Ltd and Style Group UK Ltd on 30 October 2023.Redundancies have been made for 680 of its 750 strong workforce. If you are an employee and have been made redundant or are concerned about what this means for you, please check out our guide.For customers, if you have outstanding orders then they are not going to be fulfilled - unless a buyer is found and the orders are included in the deal.A Bradford based double glazing windows firm has announced its intention to appoint administrators. Safestyle UK announced that it would appoint administrators after weeks of uncertainty at the company. They acknowledged that they haven't been successful in finding a buyer for the company or fresh financiers to provide funding.The company's share price has been falling due to unfavourable trading updates during the autumn, and at the beginning of the month, they announced that they were seeking new investors to provide more funding for the company.They published the following statement on Friday night:Safestyle UK plc (AIM: SFE.) announces that following its announcement of 26 October 2023 (the “26 October Announcement”), the interested parties that were, at that time, involved in the Proposed Sale process as defined in that announcement, have withdrawn their respective interests.Therefore, the Board of the main trading subsidiary of the Group, H.P.A.S. Limited (“HPAS”) and other intermediate holding companies in the Group, namely Style Group Holdings Limited and Style Group UK Limited, has concluded that they are no longer able to continue trading as a going concern.Consequently, the Board has filed notice of intention to appoint administrators to HPAS, Style Group Holdings Limited and Style Group UK Limited in Court today.Unless financial circumstances change, and in accordance with statutory requirements, the board of these three companies intends to appoint administrators within 10 business days.Further announcements will be made as and when appropriate.You can read the original statement here:Additionally, a text message reportedly from the CEO confirms to employees that the business will be put into administration and that there will be a Teams call on Monday at 2:00 PM, at which additional details will probably be disclosed. The way that the intention to appoint administrators was communicated to the personnel has already drawn criticism.A analysis on how the biggest window and door installer dropped from a £250 million valuation to nothing in just six years will one day be conducted. However, employees' top concern right now is whether they will get paid for the work they have completed. Homeowners will be worried about paid deposits, unfinished repairs, and work that needs to be done. Suppliers will be concerned about what will happen to their current inventory and if they will be reimbursed.

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Safestyle UK Goes Into Administration

Building Contractor Buckingham In Administration

The Anfield stand builder, Buckingham, collapsed into administration on Monday, losing around 450 jobs from sections administrators couldn't sell.Grant Thornton was named administrator today and cut 446 jobs from its building, civils, big projects, sport and leisure and demolition businesses.Kier saved 180 jobs by buying the firm's £150m-plus rail business, which comprises Network Rail and HS2, for £9.6m.Grant Thornton said 45 workers from Buckingham's corporate office near Silverstone would stay on for “a short period” to assist Kier buy the rail firm.Joint administrator Rob Parker said: “It is with regret that despite the best efforts of the directors and the Company's advisers, a sale of the Company's remaining divisions (Building, Civil Engineering, Demolition, Major Projects and Sport & Leisure) was not possible. 446 people from these divisions and some other significant responsibilities at the Company were laid off when the Company went into administration.”The 1987-founded Buckingham collapsed, leaving several high-profile jobs in limbo, including its plans to build new stands at Liverpool's Anfield and Fulham's Craven Cottage.After being postponed until October, the Anfield job was intended to be finished in time for the new Premier League season last month.Fulham was supposed to finish fit-out work on bars and restaurants in the stand by the start of the 2021/22 season, but last month the Cottagers confessed it will take until next year.Buckingham chairman Mike Kempley said “many other businesses are now engaging with the remaining 500 or so Buckingham employees” to locate jobs.He said, "After 36 years of uninterrupted trading, this is an extremely sad day for all the extremely committed and talented people who have made Buckingham Group Contracting what it is." We thank the client and supply chain firms that have supported the Company for years.The contracting implosion is the largest since Carillion's collapse in 2018.Buckingham was approaching insolvency last month when it announced it would hire an administrator due to “deep losses and interim cash deficits on the three major stadium and arena contracts, and a substantial earthworks contract in Coventry”.The contractor is still building a multi-storey car park beside Swansea Arena, but the stadium jobs are likely to be the new Liverpool and Fulham stands. The arena was completed by Buckingham for the city council last year, but the car park is months behind schedule because the paint that coats the steel framework needs to be removed and redone.Buckingham said on 17 August that it wanted to “explore a sale of all or part of the business in a very short period”—days or weeks—“to preserve as much of the business as possible” when it highlighted its note to appoint an administrator.Grant Thornton claimed it had been seeking to refinance for months, but “The legacy issues faced by the Company and ongoing losses were simply too great to enable the refinance to succeed in an acceptable timescale.”In the year to December 2021, Buckingham's turnover rose 14% to £665m, but the firm suffered a £10.7m pre-tax loss due to a bust subcontractor and a client that kept changing its mind on a stadium contract, believed to be its Fulham Craven Cottage scheme. This was only its second annual pre-tax loss since its founding. The company predicted £700m in revenue this year.

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Building Contractor Buckingham In Administration

Henry Construction Goes Into Administration Owing Millions

Yesterday evening, insolvency practitioners from FRP Advisory assumed control of Henry Construction, the London-based residential tower builder.In recent days, the firm's key sites have come to a halt, leaving clients and subcontractors in the dark about Henry's issues.In the midst of the recent chaos, at least two Henry site managers are believed to have been assaulted in recent days by irate subbies demanding money.According to reports, plant and machinery have also vanished from a number of sites in the last two weeks.A rival contractor has commented in the press that Henry's has been buying up work and have been caught out with rising costs.According to reports list of trade creditors could top over £50 million.Henry Construction, founded by Mark Henry, 45, began as an RC frame contractor, quickly expanding and taking on larger contracts to become a residential tower main contractor, primarily in London, but with large jobs peppered around the country from Southampton to Manchester.Last year, Henry revealed that revenue had surpassed £400 million for the first time, creating a £14 million pre-tax profit, up from £111 million just five years ago. According to the most recent financial statements, the company employed only 49 people.Henry was the general contractor on at least 30 contracts. Many projects were months behind schedule due to financial conflicts. The 225 City Road project, known as The Arc, where Henry was six months behind schedule and faced monthly LADs of more than £1 million.Henry Construction Projects is Mark Henry's second enterprise to fail. Lancsville, his previous company, went bankrupt in 2009, owing £23 million.Mark Henry took over the operation of his father's business, which was founded in 1976 as a concrete frame builder, in 2002, and grew it into a design and build contractor, increasing revenue from £20 million to £140 million.It worked alongside lesser enterprises Henry Construction and Henry Cranes, both of which went insolvent.Lancsville was also under siege from winding up petitions at the time before succumbing to the pressure and bringing in administrators from FRP Advisory.In February 2011, Henry Construction Projects, which was founded in September 2010, paid £210,000 for some of the defunct firms' assets.

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Henry Construction Goes Into Administration Owing Millions

Howard Russell Construction Has Gone Into Administration

Despite forecasting a significant increase in sales this year, Northumberland contractor Howard Russell Construction has gone into administration, resulting in the loss of dozens of jobs.The Cramlington design and construction firm has hired FRP Advisory specialists, months after reporting a surge in turnover and optimism for future growth. The company has worked on a number of important projects in the UK, including high-profile projects in the North East. Regional projects included Faltec and Snop buildings within the North East advanced manufacturing cluster IAMP, as well as the City Gate offices in Gallowgate, Newcastle.Last December, the company released financial results that showed an increase in turnover for the fiscal year ending March 2022 from £12.5 million to £43.5 million, as well as a small increase in operating profit from £769,478 to £789,808. It also expected a significant increase in revenue of up to £80 million based on secured orders, with intentions of increasing turnover by 10% each year in the future.It did, however, acknowledge the importance of liquidity and cash management in the construction industry, while also warning that the "perfect storm" of Covid's final few months, a boom in the industrial market, material shortages, Brexit, cost increases, a shortage of skilled labour, and the war in Ukraine had impacted its margin and project schedule.Howard Russell's administration comes on the heels of the high-profile insolvency of North East construction businesses Tolent and Metnor, which left a list of creditors owing millions of pounds inside their supply networks.According to the company's most recent financial report, "Company sales for the year ending 31st March 2023 are forecast to be £70-80m based on current secured orders." Our existing clients have given us positive feedback, and we anticipate a comparable level of new business opportunities. The company is in a situation where more projects are being negotiated rather than tendered, which provides us with more assurance moving forward, and projects are being booked in as far ahead as 2024.“Company sales for the year ending 31st March 2023 are forecast to be £70-80m based on current secured orders. Positive feedback has been received from our existing clients and we anticipate a similar level of new business opportunities. The company are in a position where more projects are negotiated rather than tendered which gives us more certainty moving forward and projects are being booked in as far in advance as 2024.“A combination of Covid, Brexit and other external factors has created uncertainty within our industry, further compounded by a boom within the industrial sector which has caused an added strain onto the industry. The industry is currently faced with problems from material availability, cost increases and a noticeable lack of skilled labour. Despite these issues, the company has remained strong during these challenging times. The company has good, trusting relationships with repeat clients, which allows us to negotiate projects well in advance of site commencement dates.“Recent construction corporate failures have, in some instances, resulted from an over reliance on bank funding. The company does not operate with bank borrowing facilities and it is our aim to remain cash positive in all the work we undertake. This reduces the risk of outside influences for both the company and its clients.”According to the most recent financial statements, the company employed 31 people.

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Howard Russell Construction Has Gone Into Administration

Tolent Construction in Administration Rumours

Update 14th Feb It has been confirmed that Tolent has gone into administration with the immediate loss of 315 jobs.Tolent, one of the North East's largest construction firms, is experiencing severe financial difficulties, casting doubt on its future.  This is according to reports in the construction press.The company's construction sites were closed, and some subcontractors have removed their equipment. On Friday afternoon the company was uncontactable. No official confirmation of the situation has yet come from TolentTolent, based in Gateshead, is a £200 million company that employs approximately 450 people. The firm has worked on some of the region's most notable recent construction projects, including Hadrian's Tower in Newcastle, the Milburngate development in Durham, and Riverside Sunderland.Tolent's difficulties come at a difficult time for the construction industry, with Killingworth firm Metnor signalling last week that it was filing for administration. According to a high-profile survey of the industry last week, it is declining due to rising costs and poor market conditions.Tolent's problems were revealed in its most recent accounts, in which turnover reached £197.7 million but the company recorded a £4 million loss due to a "perfect storm" of adverse trading conditions. The loss was attributed in part to the failure of Newcastle firm High Street Group, with whom Tolent had collaborated on the Hadrian's Tower project. Tolent is listed as a creditor of High Street Group in the company's administration document, with a bad debt of £2.1 million.Tolent said in July 2021 that it had secured a £12 million finance facility from Independent Growth Finance (IGF) to provide the working capital and flexibility it needed to support its business after a difficult year. At the start of last year the company raised a further £3.7m from existing shareholders and secured a two-year extension on its debt facilities, saying that "the group required to be refinanced in order to continue as a going concern".Tolent has worked on a number of significant regional projects, including the construction of a new Aldi supermarket in Kingston Park, Newcastle, as well as a £3 million intensive care unit for South Tyneside and Sunderland NHS Foundation Trust. It also transformed the NHS Nightingale Hospital in Sunderland and completed the sale of its land at Seaham Garden Village to a group of developers that included Karbon Homes, Taylor Wimpey, and Miller Homes last year.

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Tolent Construction in Administration Rumours

More than 100 building firms predicted to go bust each week in 2023, according to new research

in Construction News

New research from Red Flag Alert suggests that the construction sector is going to face some trouble this year, with financial experts predicting more than 100 building firms to go bust every week.This is no shock, with construction having faced difficulty before, and as The Insolvency Service reported before Christmas, businesses within the construction sector are going bust at the fastest rate in a decade.According to Red Flag Alert’s research, there is around £300m in bad debt within the UK construction industry, as we enter 2023. This could rise to £1bn by the start of 2024. Ultimately, firms who usually keep their heads above water though the current recession, are being dragged under by the bad debt of those whom fail.Why are there so many unpaid bills? Well, with much pressure from staff and supply chain issues for the sector, what do you expect? Mixed with Covid and all the implications left, along with inflation and rising interest rates. Things do not look good.Chief Economist of Red Flag Alert, Dr Nicola Headlam remarked:‘’ This is not good news for the industry and UK as a whole. This will lead to a much smaller pool of construction companies available for contracts and for suppliers to do business with. The post-recession economic bounce back will be hampered by a lack of building companies available for projects in the next growth stage, and a supply chain that will be unable to respond to growth signals This will choke off growth in the next economic cycle.”Its looking to be a pretty perfect storm for insolvencies this year in the construction industry. And what a time! With this recession, we need construction to lead the way forward, particularly with the housing crisis we are in. Will the construction industry continue to decline or is there at least some hope for a healthier future?If you are a worried director of a construction firm or a business related, do get in touch. Let our expert advisors talk through and consider the best way forward.

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More than 100 building firms predicted to go bust each week in 2023, according to new research

Construction Sector Insolvencies Hit A Record High

in Construction News

According to the latest data from the Insolvency Service, businesses within the construction sector are going bust at the fastest rate in a decade. As a result, the number of company insolvencies overall is being driven to a 13-year high.Data found that for the first half of the year there were 10,717 company insolvencies – of which the construction sector accounted for a fifth (2,094 insolvencies). When analysed more closely, in just the first quarter the construction sector reached 1,048 insolvencies. This marks the highest level since the same quarter of 2012. For the second quarter, numbers reached its highest since Q3 of 2009.Construction firms, which make up 7% of the UK economy, are being hit by rising material costs, staff shortages and falling consumer demand – leaving no other option than seriously squeezed margins.When you take into consideration that for each building project, the materials account for around a quarter of the total cost, it is no wonder there are struggles. The price of core materials such as timber and steel have risen around 17%-18% each. Smaller, local builders struggle most with vulnerability since they cannot benefit from economies of scale.Passing costs onto customers in response is proving difficult with clients rather just pulling out of the project and fewer new ones being requested.The construction industry has faced trouble for some time now, as reflected in data overtime – will the tables turn or is this the way forward for the sector?

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Construction Sector Insolvencies Hit A Record High

Construction Companies Facing Very Tough Few Months

In the most recent quarter, 54% more construction enterprises were in danger of failing.Thousands of construction companies in the United Kingdom are "desperately hanging on" until the government's energy relief package kicks in due to excessive prices and unsustainable debt.According to data from accounting company Mazars, the number of companies with a high likelihood of becoming insolvent has soared over the previous three months, with 5,900 businesses being added to the category.It brings the total number of distressed construction enterprises to 16,755, up 54% from the previous quarter's tally of 10,686.Expected rate hikes by the Bank of England might put enterprises with huge debt loads at a high risk of insolvency.As a result of the Russian invasion of Ukraine, Rebecca Dacre, a partner at Mazars, accredits the increase in the number of at-risk businesses to the escalation in material costs.Dacre stated that the government's assistance for firms' energy expenses could not come soon enough and that “some will be trying desperately to hang on until the relief package kicks in”.In July, the government's index of building materials and components registered inflation of 24.1%, making it harder for businesses to regulate project costs.Dacre stated, “They are now faced with the dilemma of how they recover costs soaring away on a fixed price contract,”“Poor cashflow is an endemic problem in the construction industry so it doesn’t take much to undermine the solvency of many construction companies.”Construction companies, many of which took on additional debt to survive the pandemic, could suffer further consequences from anticipated interest rate hikesThe market predicts that interest rates will exceed 4% by the end of the year, with the Bank of England convening on November 3 and December 15 to vote on rates. Currently, interest rates have risen to 2.25 percent.“Rising interest rates may hit new build residential property builders at the worst possible time, as consumer appetite to take on more expensive mortgages will cool.”East Anglia, the South-West, and the South-East have seen the highest rises in construction businesses at risk, with 74%, 72%, and 58% increases, respectively, according to statistics from Mazars.

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Construction Companies Facing Very Tough Few Months

Pressure facing Construction sector

It has been widely reported that there a lot of stresses facing the construction industry.  The most obvious constraint now is the rising costs of materials.  One issue that builders face more than any other industries is the often-long lead time from pricing a job to starting work.  What is more, whilst a project is ongoing it is possible that the costs of materials rise during the job.  Fixing prices in advance is not a common practice in the industry as delays in starting and finishing projects due to external factors are common.Industry-wide problems have been widely reported with builders saying that bricks and tiles are taking months to arrive that would normally have come in a couple of weeks.  This is especially frustrating as post pandemic there has been a surge in the demand for additional space.  However, following this surge in some areas, people and businesses are suddenly holding back as the cost-of-living increase hurts pockets.Another problem is of course a shortage of labour, as post pandemic many Eastern Europeans, and other migrant workers, have gone back to their home countries or simply moved out of the industry.  And for those in the industry, wage inflation is an issue as the in demand workers are asking for pay increases to cope with their own increased living costs.All this uncertainty, fluctuations in demand, and an ever more increase in materials costs have put the construction sector under immense pressure.The number of insolvencies in the construction sector jumped by 142pc to 307 in February, up from 127 during the same month a year earlier, according to the Insolvency Service.Another 384 smaller UK construction businesses went bust in April, marking an around 50pc rise compared with January 2020, according to the latest figures by the Office for National Statistics (ONS).However, it should be remembered that creditors couldn’t take action to recover debts last year.  Only since March 2022 could winding up petitions be served.In 2021, the industry’s Construction Products Association (CPA) reported 20pc growth in the repair, maintenance and improvement market as households used savings from lockdowns to fit out their home offices as the working pattern shifted – and embarked upon loft extensions.Now, the CPA has warned the market would decline by 3pc this year and 4pc in 2023, amid spiralling inflation. Building materials inflation spiked at 22.5pc in May due to supply chain disruption and rising energy prices.Among key materials used by housebuilders on a daily basis, prices for timber and steel products jumped 30pc and 45pc respectively in April, according to government figures, while major brick producer Forterra increased its brick prices by 12pc from April 1 2022.On top of inflation, China’s strict lockdown measures and the war in Ukraine are compounding existing supply chain disruption from coronavirus backlogs and putting home improvement projects on hold.Beijing’s zero-Covid policies have caused shipping costs to soar due to delays at ports, while Russia’s invasion of Ukraine has cut supplies of key regional exports of nickel, copper and iron.David O’Leary, policy director at the Home Builders Federation (HBF), says: “The situation in Ukraine compounded by the high demand for building materials through the pandemic and in the period since has made things particularly crunchy.’’.“The wider energy costs are obviously a big factor in the production of building materials as well. So, it’s a triple whammy for the sector.’’“For the new build sector this has all increased the cost of building materials, but there are also additional taxes, levies and regulations that have come onto the industry as well.”Meanwhile, labour shortages are also hampering the construction sector, with the Structural Timber Association recently warning staff shortages could pose an even bigger problem than a lack of building supplies.`Interpath’s Morley argues housebuilders’ situation isn’t set to improve anytime soon: he predicts more significant distress in the final months of 2022.“Administrations will start to increase because there will be pressure as we start to see an easing in demand for commercial buildings as people see that the UK economy is starting to slow slightly. And that will pick up towards the back end of this year.”HBF’s O’Leary says: “The industry as a whole is better-equipped today than it was ahead of the financial crisis.’’“But for the small players this is extremely difficult. They are facing a huge number of challenges. For them, it’s less about the inflation of prices, but the availability. They’ve also got labour cost increases.”Despite all of pressure on builders this it is interesting to note that May and April the predicted surge in construction insolvencies has so far failed to materialise.  May saw the number of firms going to the wall fall for the second successive month.Figures from the Insolvency Service show 349 companies in the sector collapsed in the month, down from 384 in April.

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Pressure facing Construction sector

O’Keefe Construction (Greenwich Ltd) Has Won £8m Contracts Post CVA

Update 3rd November 2021Civils contractor O’Keefe group has won two new contracts worth more than £8m after suppliers overwhelmingly voted in favour of a proposed Company Voluntary Arrangement.More than 90% of creditors backed the CVA last month.And the firm is now winning work regularly with the latest Hadlow College project for Willmott Dixon worth £600,000 and The Brooks contract for Elkins Construction worth £7.5m.Update 9th September 2021Suppliers to civils contractor O’Keefe Construction (Greenwich) Ltd have overwhelmingly voted in favour of the proposed Company Voluntary Arrangement (CVA) with 90% of creditors supporting the move.CEO Patrick O’Keefe said: “We wish to wholeheartedly thank our creditors for this vote of confidence in the business.---------------------------------------------South East based civil contractor O’Keefe Construction (Greenwich Ltd), established for 50 years, is proposing a Company Voluntary Arrangement with its creditors after suffering a “significant loss” in 2021.RSM Restructuring Advisory LLP are advising the directors.O’Keefe said if creditors approve the move it “will secure the company’s future as a going concern and allow it to continue to service its ongoing clients.''“Crucially, a CVA will also maximise the returns to the company’s creditors, compared to alternative restructuring procedures.”A company statement added: “On successful approval of the CVA proposal, the company’s shareholders will contribute additional sums to support its short-term cashflow and to ensure the business has increased liquidity levels.''“The financial restructuring afforded by the CVA, alongside operational improvements made to the business, will ensure that O’Keefe is well-placed to complete its ongoing and profitable work, and to fulfil its client needs.”Directors said they were “optimistic regarding the future success of the company in view of the significant forward order book and improving project margins.”CEO Patrick O’Keefe said: “The board were tasked with delivering the business out of the current difficulties and after taking specialist advice, has agreed to enter into a CVA to allow this mechanism to secure the long-term success and profitability of the business.”“Thanks to our exceptional staff, our current portfolio of jobs is trading very well. The conclusion of the CVA process will immediately put the business in a positive footing”The CVA does not apply to O’Keefe Demolition which operates as a separate business.Latest full group results posted at Companies House for the year to May 31 2020 show a pre-tax loss of £1.8m from a turnover of  £61.1m as the business employed 178 staff.

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O’Keefe Construction (Greenwich Ltd) Has Won £8m Contracts Post CVA

Construction Finance

in Construction

Having difficulty getting Construction Loans or Finance? Every business is different, however there are particular issues that construction businesses face which are unique to the sector.Often with low margins and tough trading conditions, cash flow can be a problem. Below is a list of problems we’ve seen happen in the industry:Retention sums not released at agreed times Delays in repayments from HMRC, regarding CIS deductions (which are connected to PAYE scheme). HMRC can be slow in making CIS refunds, leading to issues with cash flow. Loss of large contracts Issues with sub-contractors Difficult customers Lengthy contracts with prices agreed at beginning. I.e. quotes do not keep up with rising costs. Less focus on financial accounts due to management being onsite Hard to find new contracts if cash flow is tight, perhaps due to low credit ratingIt might be that an additional loan is not what is required....  As turnaround practitioners, our specialists can help tackle these issues with you to get your construction business back on track. We can go through all the available options, like expert assessment of the issues your company faces, improved financial reporting,  Time to Pay deals, CVAs and pre-pack administrations.  We can also find finance for construction companies in distress.We also have industry specific turnaround experts who can act as non executive directors, chairman or turnaround managers.  We have turned around construction companies from £500k to £25m sales.Call us on 0800 9700539 for free expert advice and a talk through your options. We can visit you onsite to discuss your specific situation.

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Construction Finance

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