Mon, 27 Jul 2020 | ADMINISTRATION
Warrington-based construction firm Cruden Construction, which has been operating for more than 50 years, has revealed that it is set to go into administration.
Based in Grappenhall in Warrington, Cruden was first founded as Skarne Ltd in 1964, but the firm was renamed and rebranded 12 years later.
The well established company has announced that it has filed a notice of intent to appoint an administrator just one month after it was awarded a £19 million contract to construct a care home in Southport.
Cruden was also among 30 contractors to be appointed to Great Places Housing Group's £750 million Innovation Chain North framework, which aims to deliver affordable and social housing projects across the area.
The news comes after the company reported an operating loss of £2.3 million for the financial year ending September 2018, despite turning over more than £38 million.
Like many other construction company's, Cruden saw a number of its construction sites closed at the start of April due to a lack of availability of materials following the coronavirus lockdown.
This resulted in many of the firm's senior managers having to share short term pay cuts in order to prevent further financial problems. However, their decision did not change the outcome for the company.
The company will become the second major construction company in the area to have entered administration this year alone. A winding up order was served against Harry Fairclough Construction, which was founded even earlier in 1898, in February of this year.
KPMG are believed to be overseeing the administration process for Cruden, and have informed the company's staff of the developments.
Specialises in the provision of landscaping and grounds maintenance services to the commercial and domestic sectors. Manages all aspects of a project, from design to completion, tailoring its services to meet the specific needs of its clients.
RELOCATABLE
A unique opportunity to acquire a well established business, for sale due to retirement. Massive potential for increased turnover as current business owner in semi retirement. Consistent increase in Turnover over the previous 5 years. Current year re...
RELOCATABLE
The company’s services include the provision of skilled labour for a wide scope of work, such as repairs, planned and preventative maintenance, civil engineering and underground excavation.
RELOCATABLE
|
17
|
|
Sep
|
Buyer or tenant sought for 350k sq ft Argos distribution centre | COMMERCIAL PROPERTY
A tenant or buyer is being sought for a 350,000 sq ft Argos ...
|
16
|
|
Sep
|
Kroll to sell off assets as hotel and property companies enter administration | ADMINISTRATION
Kroll Advisory Ltd is set to start selling off assets after ...
|
16
|
|
Sep
|
Fintel sells fund management business at 4.1x profits as part of new partnership | DIVISION SALE
Fintech and support services firm Fintel has sold its fund m...
Sign up to receive our acquisition alert emails to get your FREE guide
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