Thu, 10 May 2018 | BUSINESS SALE
A building company in the New Forest area that was founded 110 years ago has filed for administration this week, after a series of long-term losses ate into the firm’s profit margins.
Drew Construction, which is based in New Milton, was founded in 1908 to build homes throughout the South of England. Since then, it has grown to be one of the more prominent housebuilders through the central south and south-west areas of England, working on construction projects for private and public sector clients worth up to £8 million.
Some of the projects that Drew Construction has completed include Marwell Zoo’s £8 million Tropical House, a new science building at Brokenhurst College and the conversion of a postal sorting office in Bournemouth into a five-story apartment building with 83 individual flats.
This project, located on Albert Road in the South coast town, was named “highly commended” in the New Build Project of the Year category by the National Federation of Builders.
In its most recent accounts, the contractor reports revenues of £20 million and had projects in the pipeline alongside schools, colleges and housing associations, such as Sovereign, with whom Drew Construction was working on a small flat scheme in Christchurch.
However, two administrators from West Midlands insolvency specialist Elwell, Watchorn & Saxton have been appointed to oversee the company’s future, prioritising a sale.
Nigel Price, one of the joint administrators, said that though he and his team hoped to sell parts of the business off, it was unlikely that they could sell Drew completely as a going concern.
He added that losses made “were incurred not necessarily in the recent past but over the longer term, and the situation may not have been fully addressed.” He also warned that local businesses owed money by Drew Construction were unlikely to be fully reimbursed.
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