Thu, 19 Apr 2012 | ADMINISTRATION
Killby & Gayford, a builder that worked on the remodelling of 10 Downing Street in 2008, has been put into administration.
The business made a pre-tax profit of £1.9 million in 2010, a drop from the £2.2 million recorded in the year before and is understood to have employed around 300 staff. However, while it continued to win contracts, people close to the company have explained that Killby & Gayford has been struggling to pay its subcontractors.
BDO Stoy Hayward confirmed that it has been appointed as the administrator for the firm and will work to wind down the 152-year-old business in the coming months.
In addition to the Downing Street refurbishment, the company has worked on a number of other prestigious London landmarks, including the restoration of the listed Victorian bandstand on Clapham Common and the education centre at St Paul's Cathedral.
Construction has been one of the sectors hardest hit by the recession and research by PwC recently revealed that around 5,000 construction companies have hit the wall since 2010.
Jonathan Hook, head of engineering and construction at PwC, told the Financial Times: “We had a relative boom in construction in the run-up to 2008 and the industry expanded greatly.
“But the cuts to the government’s capital programme and uncertainty around the economy and financing generally means there is little chance 2012 will see this trend reverse.”
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