A West Yorkshire contractor with a turnover of £57m has gone out of business after projects were delayed or cancelled.
Bradford-based HB Projects, which specializes in work in the commercial, commercial and industrial sectors, said this week it will appoint administrators.
The firm’s directors said in a statement: “This has been a difficult but necessary step due to a number of canceled and/or postponed projects, which has left us unable to maintain a positive cash flow over the next few months.
“We appreciate that this action affects a large number of people, including our supply chain. We also want to thank each and every member of the HB Projects team for all their hard work over the years. We are truly sorry for all of you.”
They did not name any specific project.
According to its latest published accounts, in the year to 28 February 2022, the contractor employed 159 people and had a turnover of £56.6m, up from £46m the previous year.
Despite the revenue growth, the company’s pre-tax profit had fallen slightly to £1.1m from £1.3m in 2021. In the accounts, the company said that their margins were under pressure due to inflation and material and labor shortages.
HB Projects, which also had offices in Glasgow and Livingston, West Lothian, was founded in 1998 and provided main contractor, lead designer and value engineering services to clients including Asda, Ikea and B&Q.
The contractor’s consulting subsidiary, Onyx Project Services, continues to trade.
A statement from Onyx said: “Despite these changes [with HB Projects]it’s business as usual here at Onyx, and we’re as committed as ever to providing exceptional service to all of our customers.”
