Fri, 30 Jul 2021 | ADMINISTRATION
Newcastle-based contractor Kapex Construction Limited has entered administration. The company, which said last year that it had an order book of £40 million, is understood to be close to appointing FRP Advisory to handle the administration process.
In its most recent reports at Companies House, to the year ending March 31 2020, the company had current assets of £4.1 million, with creditors owed around £3.6 million within one year. The company reported post-tax profits of £433,020 on turnover of £11.6 million.
This represented significant growth from the previous year, when the company made £161,410 in profit on revenue of £3.1 million.
Founded in 2016 as part of the Morton Group, Kapex was largely involved in residential construction contracts in the North East, working on projects including commercial building refurbishment and student accommodation.
According to recent reports, work on the firm’s ongoing sites stopped earlier this month, with staff being sent home. A number of staff have reportedly since confirmed online that they are no longer working for Kapex.
Kapex’s collapse comes at a turbulent time for the construction industry, following the administration of Cleveland Bridge last week and Welsh firm WRW Construction earlier in the month.
To read more about the factors impacting the UK construction industry and how these could spur M&A activity, click here.
View the latest distressed UK businesses here.
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