Tue, 28 Jun 2016 | ADMINISTRATION
Reports have emerged that a London-based specialist design-and-build contractor with a reported £120 million-a-year turnover has entered administration.
HOC Group Ltd, which was founded in 2010 by Hugh O’Connor, describes itself as “a leading independent specialist design-and-build contractor delivering high-quality results through lean construction”, according to the business’s website. However, despite landing a few high-profile contracts in recent months and declaring an annual turnover of around £120 million, the contractor firm is understood to have appointed Opus Restructuring LLP as administrators on Friday 24 June.
Mere days before filing for administration, the specialist design-and-build contractor business was appointed by Criterion Capital as the main contractor for a £25 million redevelopment project at Bedford House and Canterbury House in Croydon, South London. Furthermore, in March this year the company was appointed by O’Callaghan Developments as the main contractor for a £20 million residential development project at Pages Walk, also in South London.
The firm had reportedly grown substantially over the past year or so. However, speculation about the financial stability of HOC Group Ltd had been further fuelled when founder Hugh O’Connor and director Paraic Curtis resigned in May 2016. This left Martin Bolton as the sole director in their stead. What’s more, Construction Enquirer reported that 100 of 122 staff were made redundant earlier in June 2016.
The collapse of HOC Group Ltd has caused anxiety among many of its key suppliers. One unnamed supplier told Construction Enquirer: “We have tried for days to speak to someone [at HOC Group Ltd] but had no joy. We will be putting a claim in for the money they owe us.”
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