Tue, 25 Jan 2022 | ADMINISTRATION
Manchester-based contractor Beaumont Morgan Developments has fallen into administration, with insolvencies continuing to mount in the UK’s construction sector. The company, which was founded in 2011, operated as a contractor for Fortis Developments Ltd.
The company worked as construction delivery partner for Fortis Developments, which is also based in Manchester, and shares three directors with the firm. Beaumont Morgan’s ongoing projects include the Fortis Quay residential development in Salford (pictured above), which is yet to be completed.
Beaumont Morgan primarily worked on residential projects around Manchester and the North West, but had sought to diversify in recent years, working with external clients and taking on a wider range of projects.
The company had performed strongly prior to the COVID-19 pandemic, reporting £47.2 million in turnover and pre-tax profits of £67,433 in the year ending March 27 2020. At the time, the company reported current assets of close to £512,000 and said that it had an order book worth approximately £150 million, with projects booked in until 2023.
During the first year of the pandemic, Beaumont Morgan was able to keep its sites open and said that it had experienced “minimal” disruptions to projects, but had put all non-essential spending on hold in order to bolster its finances.
However, the company has now been placed into administration, with Begbies Traynor appointed to oversee the process. While the exact cause of the firm’s collapse has not been disclosed, insolvencies have been rising quickly in the wider construction sector over recent weeks, as companies struggle with higher costs and unmanageable debts.
Several subcontractors working with Beaumont Morgan have contacted news outlets to report that they are owed significant sums by the firm, with some said to have expressed concerns about the company’s future prior to Christmas. Following the appointment of administrators, some subcontractors say they have walked away from their contracts with Beaumont Morgan.
View the latest distressed UK businesses here.
Read more about the rising level of insolvencies in the UK.
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