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.
Find out more about the headwinds impacting UK construction firms
Their versatile offerings include custom rafted joinery products such as elegant doorsets, stylish TV and media units, functional desks, ingenious shelving and storage solutions, luxurious bed surrounds, stunning timber staircases, sophisticated engi...
This business makes cast stone products for sale into the construction, architectural and monumental masons business sectors. They have a healthy product mix that serves multiple markets and a diverse product range that attracts enquiries from across...
Bringing to the market this online specialist roofing slate supplier, incorporated in 2021 with nationwide reach.
Administrators are marketing the assets of a company that op...
The business and assets of eyewear and optician chain Ollie ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.