Thu, 17 Aug 2023 | ADMINISTRATION
Construction giant Buckingham Group Contracting has filed a notice of intention to appoint administrators. The group, which is known for its work on football stadia, reported turnover of £665.3 million in 2021, but fell to a pre-tax loss of £10.7 million.
This loss was attributed to the group taking a financial hit on a major stadium contract – reported to be work on the Riverside stand of Fulham FC’s Craven Cottage stadium. The company became the largest employee-owned contractor in the UK when it transferred to an Employee Ownership Trust in 2021.
The company had also been employed on the £80 million addition of a new tier to a stand at Liverpool FC’s Anfield stadium. This project, initially due to complete in time for the start of the new Premier League season this month, has been delayed, with only the existing upper tier set to be open.
Buckingham Group was founded in 1987 and primarily works in stadium and rail work, more recently expanding into work on warehouse and logistics building. The company’s administration notice follows a shake-up of its board, with Group Managing Director Ian McSeveney resigning due to health issues two weeks ago and being replaced by deputy Group MD Simon Walkley.
Although the company fell to a loss in 2021, just the second in its history, Buckingham Chairman Mike Kempley said at the time that the group expected steady sales during 2022 and that its strong order pipeline was forecast to lift revenue to a record £725 million in 2023.
In the company’s 2021 accounts, its fixed assets were valued at £2 million and current assets at £215.5 million. At the time, the firm owed creditors over £190 million, leaving it with net current assets of £24.6 million.
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