Thu, 06 Jan 2011 | ADMINISTRATION
A demolition firm based in the Midlands has fallen into administration due to the increasing competition within the sector.
Armoury Demolition and Recycling, located in Birmingham, has been placed under the care of administrators Harper Cavendish, at the request of company pension fund trustee Legal & General.
Harper Cavendish are in the process of reviewing all of the current contracts held by the firm with a view to enabling their completion. This will help to pay off some of the firm's creditors.
Companies House accounts reveal that Armoury Demolition and Recycling had an £8.8 million turnover for the year to June 2009, a drop from £11.4 million over the same period a year before. The company recorded a £75,000 pre-tax loss in 2009 compared to a profit of £830,00 in the previous year.
Mark Anthony, industry expert at DemolitionNews.com said, "Armoury was one of the UK's most-respected demolition contractors, and the fact that it has failed should serve as a warning to the wider demolition industry.
"Demolition workload is down and some of the work that is being let is going at suicidal prices that will undermine the stability of the company winning the work and impact upon the industry as a whole," he added.
The administration has meant that up to 90 jobs are under threat.
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