Bristol building firm goes into administration
According to reports, Ikon Construction has now appointed Andrew Sheridan and Gareth Morris, partners at business advisory firm FRP Advisory, as administrators and has made all of its 50 staff members redundant.
Ikon Construction was ordered to pay a large fine by North Somerset Magistrates' Court in 2018 after a complaint was filed by a member of the public regarding suspected safety failures.
Additionally, the firm has faced a number of financial issues in recent years, most recently recording a pre-tax loss of £79,186 for the year to March 2017, despite registering turnover of £36.9 million.
Commenting on the company's situation, Andrew Sheridan of FRP Advisory confirmed that all of the firm's live construction sites have been secured and that the administrators are now reviewing all of the available options, including business sale.
Andrew Sheridan, one of the administrators, said: "Ikon Construction has been a strong performing business over the years."
He added: "Unfortunately difficulties with a few projects and tighter margins in the industry have led to a persistent cash liquidity issue, resulting in the company entering administration."
Ikon Construction was originally founded in 2001 and is based in Bristol. According to Mr Sheridan, all support possible is being provided to the staff members who as they prepare to leave the firm. Additionally, the company is working closely with customers to ensure all projects continue smoothly as the administrators seek to address the firm's financial concerns.
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