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Speymill puts contracting arm into administration Ι Construction Enquirer
Property and construction group Speymill is putting its contracting business into administration.
Speymill Contracts concentrated on construction and refurbishment work for the hotel and leisure industries and hit a peak turnover of £41m in 2007.
But the combination of a steep downturn in work and loss-making contracts has forced the directors to take the decision to place the Huntingdon-based contractor into administration.
The remainder of AIM-listed Speymill Group, consisting of its property investment portfolio, continues to trade normally.
Earlier this year more than £2m was injected into the struggling contractor to prop up the business.
But the firm suffered a £1.76m loss in the first six months of 2012 and saw results deteriorate further in the harsh trading environment.
A group statement said: “The board has regrettably concluded that the Contracts business is not viable and represents an unsupportable burden on Speymill.
“Thus the board of Contracts has lodged with the Court a ‘Notice of Intention to Appoint Administrators”.
Property and construction group Speymill is putting its contracting business into administration.
Speymill Contracts concentrated on construction and refurbishment work for the hotel and leisure industries and hit a peak turnover of £41m in 2007.
But the combination of a steep downturn in work and loss-making contracts has forced the directors to take the decision to place the Huntingdon-based contractor into administration.
The remainder of AIM-listed Speymill Group, consisting of its property investment portfolio, continues to trade normally.
Earlier this year more than £2m was injected into the struggling contractor to prop up the business.
But the firm suffered a £1.76m loss in the first six months of 2012 and saw results deteriorate further in the harsh trading environment.
A group statement said: “The board has regrettably concluded that the Contracts business is not viable and represents an unsupportable burden on Speymill.
“Thus the board of Contracts has lodged with the Court a ‘Notice of Intention to Appoint Administrators”.
