A contractor who carried out projects worth up to £15m has fallen into administration.
Westridge Construction Ltd filed a notice of intention to appoint administrators on September 12; now a new notice confirms Crowe UK’s Vincent Green and Steven Edwards were appointed administrators three days later.
Crowe said Construction news in a statement: “The directors indicated that the company had suffered numerous trading difficulties which included but [were] but not limited to: supply chain insolvencies resulting in supply chain re-engagement delays and costs; rising inflation leading to higher supplier and outsourcing costs; lack of labor and instability in material availability; and the implications of long-term fixed-price contracts during a period of high inflation. The company had also experienced an increase in professional indemnity insurance premiums.”
The East Sussex-based company, which recorded a turnover of £64m in its most recent annual accounts to 28 February 2022, operated in the commercial, residential, industrial, education and healthcare sectors, mainly in south-east England.
Westridge’s latest accounts describe an increase in revenue of £6.9m year-on-year, but its pre-tax profit fell by £980,900 to £853,400. The company’s board said this was driven by “challenging trading conditions” with “significant cost increases” and an increase in supply chain failures.
These concerns did not prevent a dividend payment of £4.1m in 2021/22.
The company employed a monthly average of 214 workers that year.
Westridge entered administration with several live projects in its portfolio. These included a place in a £1bn nationwide Pagabo framework; the refurbishment and redevelopment works of the Brighton Dome Corn Exchange and the Studio Theatre; and a corporate office building for energy supplier SGN in Horley.
Westridge’s website is down while its phone line has an automated message saying its “offices are now closed.”
