Mon, 07 Oct 2019 | ADMINISTRATION
An acclaimed construction company operating in southwest England has collapsed into administration following a string of financial difficulties.
Dribuild, headquartered in Hawkfield Way, Bristol, was forced to call in professional advisory firm Begbies Traynor to handle the administration process, with partners Neil Vinnicombe and Simon Haskew appointed as joint administrators.
Presently engaged in nine live commercial projects, Dribuild was founded in 2008 by its current managing director Matt Taylor, and has achieved consistent year-on-year growth. Some of the company’s projects have been worth up to £10 million.
In 2017, the company was listed in the Financial Times’ fastest-growing European companies list, and in the London Stock Exchange’s 1000 Companies to Inspire Britain in 2018.
Dribuild even had plans to open new offices in Manchester and Cardiff, and moved into new headquarters in Bristol last year.
However, financial pressures mounted as subcontractors failed to get paid on time, forcing the £40 million-business into administration.
Nine county court judgements are still outstanding for the company, and some members of staff have been retained to assist with the administration period.
Vinnicombe said: “It is always sad to see a business with a strong reputation and order book succumb to financial difficulties, especially when there are redundancies involved. As such, we are hopeful of working with existing customers to assist them to complete contracts in progress and help as much of the business’ highly skilled workforce as possible to find alternative employment.”
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