Thu, 19 Mar 2020 | ADMINISTRATION
Newcastle-headquartered general building contractor P F Burridge & Sons has gone into administration, after being unable to fulfil its financial obligations.
The family run firm has built up a strong customer base providing building contracting work, with a particular focus on the social housing, education, small business and public sector.
It also undertook residential and commercial projects, ranging from minor maintenance jobs to projects valued at up to £5 million.
The company, which has a second site in Wakefield, appointed James Lumb and Howard Smith of KPMG as joint administrators.
Seven staff have been retained during the administration process, with the administrators reviewing options for the business and its assets.
According to the company’s most recent accounts, for the year ending July 31 2018, it held current assets valued at just over £4 million, including a fleet of motor vehicles valued at around £270,000.
For that year it also recorded turnover of more than £15.5 million, down from £16.7 million the year before, and gross profits of close to £2.7 million.
Joint administrator James Lumb said: “Following a period of sustained financial difficulty, the business was unable to manage a reduction in trading over the last 12 months despite support from customers and staff.
“In addition to reviewing the business’ assets, our current focus is to work with the redundancy payments service to support all affected employees during this difficult and, more widely, unprecedented period.”
This established London-based construction group comprises five complementary subsidiaries, offering a comprehensive range of services from construction to joinery.
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Opportunity to acquire a well-established property development specialist located in the East of England, renowned for its strategic projects and strong market presence.
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