Quantuma Advisory managing directors Nick Simmonds and Chris Newell were appointed as joint administrators of Greswolde Construction on 10th August 2022.
Established in 1983, Greswolde specialised in new build, design and build, refurbishments and fit-outs. The company鈥檚 latest accounts reported a turnover of 拢19.4m for 2020, up from 拢11m in 2019, but it made a pre-tax loss of 拢487,000. The business employed 24 people, whose jobs are now affected, the administrators said.
Malcolm Priest purchased Greswolde Construction Ltd in 1995 and on retirement sold it in August 2021 to construction engineer Perry Stewart and chartered accountant Shaun Walsh. (See previous report here.)
Joint administrator Nick Simmonds said: 鈥淎long with many other businesses in the construction sector, Greswolde has experienced unprecedented trading conditions over the last couple of years as a direct result of the global pandemic. Its customers have been substantially disrupted by unpredictable economic conditions and the business has experienced severe supply chain challenges. Having exhausted all options for the business, it is with deep regret that this business is no longer able to continue to trade and has ceased to operate with immediate effect.鈥�
鈥淥ur immediate priorities are to provide the support required by employees to enable them to make any necessary redundancy claims, and to work with the management team and their clients to affect an orderly handover of incomplete projects in order to attempt to allow them to be progressed and completed by industry peers.
鈥淥ur role as administrators will be to maximise recoveries and realisations to make a distribution to Greswolde鈥檚 secured or preferential creditors.鈥�
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