Mon, 24 Feb 2025 | ADMINISTRATION
Dorchester-based Acheson Construction has collapsed into administration. The company appointed Richard Lewis and Alistair Wardell of Grant Thornton as joint administrators on February 18.
Acheson, which has been involved in a host of local and regional building projects, had operated for more than 50 years and had another premise in Whiteley, near Fareham, Hampshire. The company ceased to trade on the appointment. It is understood that 40 of its 48 staff were made redundant as a result. According to the joint administrators, the retained staff are assisting them with winding down the company's affairs.
Grant Thornton said that Acheson Construction had been hit by higher costs on fixed price contracts but added that the current efforts are focused on 'supporting employees'. It posted a turnover of £53.6 million in the year to December 29, 2023 up from £48.3 million the previous year. It made a profit of £27,898 up from a loss of £343,869. However, it said price inflation and subcontractor insolvencies had severely impacted its performance.
The company was founded in 1974, and carries out projects ranging in value from £500,000 to more than £25 million. These include projects in different sectors such as defence, public sector, education, health, leisure, commercial, industrial and residential.
Local projects included housing developments, schools, as well as the refurbishment of Dorset Museum. Its clients included the London Organising Committee for the Olympic Games, British Rail, Mercedes, Sainsbury's, the NHS and HM prisons.
It has provided construction jobs across the south west as well as parts of the south coast and up to Oxford.
Richard Lewis said: "The business has been impacted by increased costs on fixed priced contracts, delays in the commencement of new projects and a dispute over amounts due under a key contract. Whilst the directors had considered alternative options, they sadly concluded it was no longer viable to continue to trade. Our efforts are initially focused on supporting employees with making claims to the Redundancy Payments Service, securing physical assets and gathering information and evidence to support any claims the company has under contracts including in relation to retentions."
Find out more about insolvency trends in the construction sector
Thriving business in the East Midlands, specialising in high-demand roofing services, presenting a promising opportunity for those looking to invest in a stable sector.
A unique chance to acquire a reputable civil engineering and architectural business, available as separate divisions or as a complete entity, has emerged due to unforeseen circumstances.
An opportunity to acquire a bespoke kitchen design and installation company that which has forged an immaculate reputation with a wealth of five-star customer testimonials since it was established in 2016.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.