Mon, 06 Nov 2023 | ADMINISTRATION
HB Projects, a West Yorkshire-based construction contractor, has ceased trading and is set to appoint administrators. The company’s collapse was attributed to the delay or cancellation of several projects, which significantly impacted the firm’s cashflow.
HB Projects, which is headquartered in Bradford, specialised in work for the retail, industrial and commercial sectors. The company was founded in 1998 and also had a significant presence in Scotland, with offices in Glasgow and Livingston, West Lothian.
It was principally involved in refurb and fit-out projects, which accounted for approximately 80 per cent of its most recent turnover, along with some smaller new build jobs. The company worked with several major companies, including IKEA, Asda, Morrisons and B&Q.
In the year to February 28 2022, the firm reported turnover of £56.6 million, up from £46 million in 2021. However, the company’s pre-tax profits fell slightly from £1.3 million to £1.1 million, with directors saying that inflation and material and labour shortages had put pressure on its margins.
At the time, the company’s fixed assets were valued at £657,623 and current assets at close to £18.7 million, with total equity amounting to £2.14 million.
In a statement, the company’s directors said: “This has been a difficult but necessary step due to a number of cancelled and/or deferred projects, which has meant that we are unable to maintain a positive cashflow throughout the forthcoming months.”
“We appreciate this action affects a large number of people, including our supply chain. We would also wish to thank each team member of HB Projects for all your hard work over the years. We are truly sorry to all.”
HB Projects’ collapse does not affect its consultancy subsidiary Onyx Project Services, which continues to trade as usual.
Read more about how the construction sector is being hit by rising insolvency rates
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