Mon, 11 Nov 2024 | ADMINISTRATION
Suffolk-based refurbishment contractor Troy Central has fallen into administration despite recently posting record revenues.
The Bury St Edmunds company, which also had offices in London, specialised in the hotel, leisure and commercial sectors working on jobs up to £3 million in value.
It appointed Daniel Smith and Oliver Haunch of Grant Thornton as Joint Administrators on November 5th, 2024. A statement on the Troy website states: “The Joint Administrators act as agents of the Company and without personal liability. The Joint Administrators are authorised by the Insolvency Practitioners Association to act as insolvency practitioners.”
According to its most recent accounts for the year to August 31, 2023 the company posted a profit of £690,244 higher than the £631,200 achieved in 2022. Its revenue jumped 45 per cent to a best-ever £37.9 million.
However, gross profit came in at 10 per cent, down from 13.1 per cent in 2022 and 16.5 per cent in 2021. Net profit was 2.4 per cent, down from 3 per cent in 2022 and 9.4 per cent in 2021.
The management team highlighted the ‘wider uncertainties’ in the construction industry. It stated that ‘inflation, a competitive market and some challenging contracts means margins have been put under pressure and decreased on prior years’.
It had current assets of £17.4 million and creditors amounts falling due within one year of £16.6 million.
The average monthly number of employees at the company was 24. Staff costs increased to £2.4 million from £2 million in 2022 with wages rising from £1.7 million to £2.1 million.
The construction sector in the UK has faced a number of headwinds post-pandemic given economic uncertainty and supply chain disruptions both at home and abroad.
However, there is hope that the sector may be turning the corner given the new government’s plans to boost infrastructure spending and build more homes.
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