Sat, 16 Mar 2019 | ADMINISTRATION
Dawnus Construction, the property development giant based in Swansea, has been forced to call in administrators as a result of financial decline.
The company, with operations in Birmingham, Exeter, Thatcham and Warrington, Dawnus appointed professional services and accountancy firm Grant Thornton as its administrators to handle the insolvency processes going forward.
A result of the administration, a number of the company’s key projects have come to a halt, now causing disruption on the roads for drivers.
Recent accounts revealed that, in the year ending 31 December 2017, the company slipped to an operating loss of £787,000. Furthermore, turnover declined from £196.8 million to £170.2 million in the same time frame.
Dawnus Construction was at the helm of multiple projects, including the Kingsway development in Swansea and the Manchester-Salford Inner Relief Road scheme.
Council leader for Swansea, Rob Stewart, said: "Work on The Kingsway came to a sudden stop on site yesterday and Swansea Council is taking a number of immediate steps.
"The transformational £12 million scheme is vital to our on-going plans to regenerate the city and local economy - and we will ensure the scheme is delivered.
"The council is today taking control of the site which had been vacated. Our priority is to make the site safe and secure for motorists and pedestrians in the city centre."
Manchester and Salford city councils are responding in a similar manner.
“In the meantime, we are currently pursuing all other options to ensure the project can continue as quickly as possible,” a spokesperson said.
Official administrators from Grant Thornton will be appointed on Friday, 15 March 2019 to assess the situation and handle the administration processes appropriately.
For more news stories about administrations click here. For all our administrations listings, click here.
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