220 jobs go as Swift Horsman falls into administration

Aaron Morby 11 years ago
Share

One of the country’s best known joinery and fit-out specialists Swift Horsman has fallen into administration.

PwC have been confirmed as administrators and have made all 220 staff redundant.

Karen Dukes, joint administrator and partner at PwC said: “The company has suffered as a result of cost overruns on recent projects, impacted by the difficulties in the construction sector.

“The directors have been attempting to sell the business, but no buyer could be confirmed and they had no option but to place the company into administration.

“Unfortunately, we have had to make all the employees redundant immediately and will now be seeking a sale of the business and assets.”

The bad news was broken to staff at the Hertfordshire head office last Friday when they were told go home because the business had run into cash flow problems.

Swift Horsman made its name as one of the industry’s best practice fit-out specialists, investing heavily in training and developing its own off-site manufacturing.

The £40m turnover specialist earned a place as preferred subcontractor for many major contractors and developers, working on the Shard and Heathrow Airport projects.

The fall-out will be felt on Mace’s jobs in London at the Mini Shard and British Library extension where Swift is working.

A source told the Enquirer: “Everybody is stunned by the news. It was a very close-knit team and is obviously a heavy blow to the staff coming just be Christmas.”

The firm suffered losses in recent years and is understood to have been hit by delayed retention recovery and late payment.

Established as a joinery business back in 1971, it branched into fit-out, developing an expertise in bathrooms and toilet pods.

Around 60% of work comes from the the south east but more recently established offsite manufacturing base in Scotland helped deliver national coverage.

Swift Horsman group began to run up losses of £4.8m in 2011 and £600,000 last year, forcing it to cut staff numbers from 463 to 300.

Other group firms include joinery business Artezan, drylining arm Swift Wall, fasteners & fixings distribution business Fix8, and a training company and innovation development firm.

 

 

Latest news

Lonsdale went down owing £65m to supply chain

More than 600 firms owed money as reduced credit rating sinks M&E giant
1 day ago

Wates only bidder for £80m Cardiff estate rebuild

Council contacted 20 framework firms but received only one bid for 295-home Channel View estate rebuild
22 hours ago

£21m legal battle over flawed concrete at Salford flats job

Developer in compensation battle with Arcadis after new concrete core demolished
22 hours ago

Abu Dhabi developer Aldar Properties buys London Square

UAE giant swoops on resi specialist in vote of confidence for London market
22 hours ago

Hunt for delivery partner to revive New Hospital Programme

Programme delivery partner to get £600m fee to get plans back on track
2 days ago

Green light for new £780m Essex garden village

3,700 homes and four new schools to be built at Dunton Hills
2 days ago

Laing O’Rourke makes a £288m loss

Rampant inflation on fixed-price jobs and problem contracts blow hole in accounts
2 days ago

Keltbray, OCU and Clancy clinch £1bn electricity network upgrade

Scottish and Southern Electricity Networks awards biggest ever deals for central southern England
3 days ago

G&T enlisted for commercial review of HS2 main civils contracts

Phase 1 Main Works Civils Contracts to come under cost scrutiny
2 days ago

TClarke order books doubles to top £1bn for first time

M&E specialist on track to exceed £500m turnover this year
2 days ago

Wates signs Government safety remediation pact

Private builder belatedly signs fire safety developer remediation contract
2 days ago

Liverpool all-electric industrial park approved

McLaren and Caddick in chase for Sefton 800,000 sq ft Atlantic Park scheme
2 days ago

Former Buckingham Group MD to join John F Hunt

Simon Hyams is new Managing Director for Contracting
3 days ago

Three in race for retendered £150m A9 dualling job

Bidders take another look after client takes on more risk
3 days ago

Clancy tops £300m revenue in fifth year of growth

Civils contractor delivers £13.5m pre-tax from water and energy sector work
3 days ago

Tower crane collapses on Edinburgh resi site

Jib falls onto apartment block under construction: Video
4 days ago

Salboy drops office space from Viadux Phase Two

Developer to focus on Manchester residential towers of 76 and 23 storeys
4 days ago

Warwick Uni plan for science and engineering campus

370,000 sq ft science and engineering precinct submitted for planning
3 days ago

Morgan Sindall chalks up Greater Manchester schools treble

Bury, Stockport and Wythenshawe school jobs will create 1,600 pupil places
3 days ago

Plans in for £65m Blackpool multiversity campus

Council leads plan for Talbot Gateway learning campus
3 days ago

Laing O’Rourke wins first phase of £700m Oxford R&D district

Landmark Red Hall and two labs to be built in phase 1a of Oxford North scheme
5 days ago

Ardmore wins retrofit deal on £200m Chancery Lane office

Building will be transformed to provide 105,637 sq ft of office space
5 days ago

Construction’s “Leading Lights” recognised

More than 50 winners in latest Considerate Constructors Scheme awards
4 days ago

Balfour Beatty clinches £20m Norfolk coastal defence jobs

Firm will install rock armour at Cromer and Mundesley
4 days ago

Architects join construction union Unite

Section of Architectural Workers forms official branch
5 days ago

Boot to build £20m lightweight aviation composites factory

Work starts on Sheffield University's COMPASS R&D facility
4 days ago

GMI secures £27m Leeds City College job

Site clearance underway for new Mabgate campus
5 days ago

Balfour signs deal with Koreans for UK power transmission jobs

Contractor strengthens large-scale onshore power transmission capability
5 days ago

36 storey south London build to rent flats tower approved

Construction to start next year on £220m Croydon scheme
5 days ago

Hunt for firms for £400m volumetric offsite deal

Procurement for Housing aims to expand its pool of firms on major offsite framework
5 days ago

Contractor services