Construction News

Thu September 23 2021

Related Information

AM Griffiths in administration

11 Aug Wolverhampton-based building contractor Arthur M Griffiths & Son Limited is being wound up.

Failure of the company has been blamed on a combination of Covid and Brexit.

Conrad Beighton and David Griffiths of Leonard Curtis Business Rescue & Recovery were appointed as joint administrators of Arthur M Griffiths & Son on 6th August 2021.

In a statement, the administrators said: “The company had encountered continuous, ongoing difficulties within the construction industry, as a result of the ongoing pandemic and issues associated with Brexit.

“Current volatility in availability and prices of construction materials made the completion of existing contracts on site and any new contracts in the near future unprofitable and therefore unviable. Ongoing Covid risks have also further complicated matters, and caused delays in completion of projects.

“On appointment, 44 employees were made redundant, and the joint administrators are assisting former staff with claiming their entitlements.

“The joint administrators are now taking steps for an orderly wind-down of the company and to ensure that maximum realisations are achieved for the benefit of creditors.”

The company was founded in 1899 and was subject to a management buyout in 2015. Accounts for the year to 31st March 2020 showed turnover of £30.1m and a pre-tax profit of £244,000. Managing director Richard Green wrote in the annual statement of accounts that unprecedented flooding had also caused delays to works on several sites in the final quarter of the year.

Got a story? Email news@theconstructionindex.co.uk

MPU
MPU

Click here to view more construction news »