Thu, 14 Sep 2023 | ADMINISTRATION
East Sussex contractor Westridge Construction Limited has filed a notice of intention to appoint administrators. Despite reporting strong turnover in its most recent accounts, the firm stated that “challenging trading conditions” had seen its profit margin fall.
For the year ending February 28 2022, the Catsfield-based company reported turnover of £64.2 million, up from £59.9 million a year earlier. However, it reported gross profits of £5.9 million, a slight reduction from £6 million a year earlier, while pre-tax profits fell from £1.83 million to £853k and profit margin fell from 10.13 per cent to 9.23 per cent.
At the time, the company’s directors wrote: “The reduction in gross margin from the previous year is due to the challenging trading conditions that exist, which has seen significant cost increases, together with a rise in supply chain failures.”
The firm added: “We have robust credit monitoring procedures that enable us to maintain a strong cash position, ensuring all supplier’s accounts are settled in a timely manner, whilst also providing finance for our own developments without the need for external funding.”
Founded in 1990, Westridge provided contracting, design and build for projects ranging from £1 million to £15 million. It had a diverse array of projects across a variety of sectors in the South East, including healthcare, education, housing leisure and commercial.
The company counted 27 housing associations, 16 borough councils and the Brighton and East Sussex NHS trusts among its client base and said it had also conducted jobs at 19 schools. Its ongoing projects include a 55-bed care home in Seaford for Barchester Healthcare, a corporate office in Horley for energy provider SGN and preconstruction design work on a new restaurant and indoor crazy golf facility on the Hastings seafront.
In the company’s most recent accounts, its fixed assets were valued at close to £4 million and current assets at £14.2 million. The company owed over £13 million to creditors at the time, with net assets amounting to £4.4 million.
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