South London contractor Claritas Group is to be liquidated following problems caused by inflation.
Chief executive and founder Jon Wardle said in a statement that the company had begun the process of voluntary liquidation from creditors.
“The challenge of cash flow and loss management associated with the inflationary pressures of these uncertain times was too great,” he said.
Bromley-based Claritas was founded in 2014 as Airey Miller Construction before becoming AMCM and then Claritas Group in 2020. It has experienced rapid expansion in recent years and specializes in both residential and commercial projects .
According to its accounts for the year ending 31 March 2022, Claritas had a turnover of £50m, more than double the revenue of three years earlier, when it stood at £23.6m.
The group owed creditors £1.25m at the end of March 2022, compared with £662,460 in 2021.
Wardle apologized for the impact of the company’s demise on customers’ “projects, people and businesses” and thanked them for their support during recent difficult times.
“To our supply chain that supported us all the way: I thank you all and I am sorry for the impact on you, your respective employees and supply chains. In many ways, you are the most important cog in our diverse and fragmented industry,” he said.
Wardle, who was previously Wates’ regional commercial director, concluded that he was “deeply sorry that the failure of the Claritas Group affects you in any way”.
In November 2021, the firm was appointed as the replacement contractor for a £50m student accommodation development in South Wales (pictured), called True Student Swansea, following the collapse by Create Construction. Create, which had also expanded rapidly in previous years, blamed the impact of rising costs for its demise.
In addition to contracting, the Claritas Group has plant development and rental subsidiaries.
