Allston Construction goes bust owing £8m

Grant Prior 6 months ago
Share

Kent based contractor Allston Construction has ceased trading owing trade contractors and suppliers £8m.

Financial experts at Leonard Curis are handling the liquidation of the company following a creditors meeting last week.

Documents seen by the Enquirer show Allston went down owing £7.8m to a raft of trade contractors.

The company was run by director John Gulston and was based in Rochester.

Last accounts showed it had a turnover of £11m in the year to September 2014 when it made a gross profit of £1m.

The firm had 20 employees and ceased trading in late December.

The company was originally called Brett Construction when it was formed in 2007 but changed its name to Allston in January 2014.

It is understood Allston ran into trouble on housing jobs in Bethnal Green, Rottingdean and Canterbury and was forced to leave site due to cost over-runs.

The Leonard Curtis report said: :”The director attributes the failure of the company to: historic issues relating to contracts, cash flow issues owing to difficulties in obtaining debtor monies, inability to obtain new work despite continued efforts and inability to obtain further working capital.”

 

Latest news

Balfour Beatty chief’s wife buys £200,000 company shares

Quinn holding in construction group rises to 0.7%
22 mins ago

Willmott Dixon abandons sale of support services arm

Contractor decides to keep division after bidders wanted to break-up maintenance operation
19 hours ago

Firm fined £550,000 after two men fall to their deaths

Couple fell through Euston roadside hoarding into building site basement
31 mins ago

Redrow reports buyers unbowed by Brexit

House builder expects strong year-end profits after completions rise 17% to nearly 5,000
5 mins ago

Phase one HS2 opening could be delayed a year

Spending watchdog warns HS2 timetable unrealistic despite good progress on procurement
56 mins ago

Murphy finance chief becomes new Barhale CEO

Matthew Behan to lead contractor as new corporate structure established to broaden portfolio
16 hours ago

£10,000 prize to cut roadwork disruption and delays

Amey and Staffordshire council seek smart digital solutions to roadwork traffic delays
28 mins ago

Currie & Brown trumps WSP bid for Sweett Group

WSP raises prospect of a bid war as it tells Sweett shareholders to sit tight
22 hours ago

Suppliers hit as HOC goes into administration

Redundancies at north London firm as subcontractors left in dark
24 hours ago

Student digs developer shrugs off Brexit worries

Empiric confident EU vote will have limited impact on expanding sector
1 day ago

Brexit leaves Heathrow third runway in the air

Fears grow about the future of major infrastructure projects
1 day ago

Bid costs dent Hochtief UK profits

Operating margin drops to 0.7% as profit falls 45% to below £1m
23 hours ago

Breakaway trade body formed by rebar producers

Independent rebar producers and suppliers split with BAR
24 hours ago

Sinkhole closes busy stretch of A1

Contractors pumping huge hole with concrete in bid to reopen route
1 day ago

Lendlease to start £275m Hammersmith scheme

Construction to start next month on major office project
4 days ago

Contractors call for calm as Brexit victory spooks markets

Construction fears over costs, skills and investment as house builder shares crash
4 days ago

Shepherd Group suffers £74m hit from sold building arm

Strong profits at remaining Portakabin business help to cut group loss to £28m
4 days ago

Bidding set to start on £2bn East London cultural quarter

London Legacy Development Corporation set to procure shell and core work
4 days ago

Building worker critical after being crushed by JCB

Digger at Hebburn housing site believed to have reversed into worker
4 days ago

Plant test cheats website dodges closure threat

CITB chiefs battling to close down site undermining tests for machinery drivers
5 days ago

Green light for £18m Midland Metro extension

Preparatory utility diversion works to start immediately
5 days ago

Hill wins approval for £100m east London housing scheme

Work to start on Walthamstow triple towers this autumn
5 days ago

Construction workers win inflation busting pay rise

Deal agreed but unions warn pay agreement is "no longer fit for purpose"
5 days ago

Cameron resigns as exit vote sends markets crashing

New Prime Minister to be elected by October
4 days ago

Costain to use more drones to make sites safer

Unmanned aerial vehicles can take on hazardous tasks
5 days ago

Bowmer & Kirkland profit jumps by almost half

Derbyshire private builder lifts profit to nearly £40m
5 days ago

Plans for £250m Liverpool resi towers trio

Liverpool developer Elliot plans cluster of 34-storey towers
5 days ago

Specialist wins low road tender court hearing

Judge rules against public client who rejected "abnormally low" bid from FP McCann and Balfour Beatty
6 days ago

Yorkshire plumbing contractor sinks

More than 100 jobs cut after firm fails to reach agreement with HMRC over tax arrears
6 days ago

Bid race starts for £20m Luton science block

University of Bedfordshire will appoint a contractor in September
5 days ago