£68m sales London fit-out specialist goes under

Aaron Morby 3 years ago
Share

London and south east fit-out and refurbishment specialist Twenty 1 Group has been placed into administration after several weeks of uncertainty surrounding trading.

The firm, which employed around 70 staff and also traded as 21 Construction, fielded all calls through to an automated answer service earlier this month, raising the alarm among suppliers.

Other subsidiary companies Twenty 1 Construction and Twenty 1 Interiors were also placed into the hands of administrators from Grant Thornton at the end of last week.

The firm had risen steadily in the London market recently completing fit-out jobs for British Land on the Broadgate tower and for client CIT on the Finsbury Tower.

Twenty 1 Construction was set up just over 10 years ago by fit-out industry veterans Keith Ashcroft and Paul Gaughan.

Ashcroft had previously worked at John Doyle group-owned Ibex Interiors as a construction director for 15 years, while Gaughan had previously worked for Byrne Group-owned fit-out arm Chorus for six years and before that also worked at Ibex.

Twenty 1 Constructiion grew steadily from around £13m turnover in 2015 to around £68m in most recent published accounts for 2020. Around a third of revenue was generated on complex refurbishment jobs and the rest from commercial fit-out work with an expertise in occupied premises projects.

The firm is understood to have been impacted hard by the early pandemic taking out a £2m coronavirus large business interruption loan facility with HSBC in October 2020.

A spokesman for Grant Thornton said: “Following significant disruption, reduction in activity levels and financial pressures experienced due to the Covid-19 pandemic, its directors have elected to place the group into administration.

“Unfortunately, this has meant that works at current project sites have stopped and the majority of employees have been made redundant. In line with their statutory obligations, the administrators’ priority is now to maximise value for all of the company’s stakeholders, including its employees and creditors.

 

Latest news

Balfour Beatty terminates Danny Sullivan labour deals

Around 500 workers on HS2 will be moved to alternative agencies or be taken on direct
1 day ago

Trio face prosecution after Hinkley site death

Main contractors and client to face charges over death of site supervisor
1 day ago

Buyers see recovery in house building sector

But civil and commercial work still in the doldrums
2 days ago

Apprentice saws-off thumb on hotel refurb site

Court hears how digit was reattached and teenager continued training with another firm
2 days ago

Laing O’Rourke tops June contracts league

£919m animal super lab dominates new orders
2 days ago

TSL turnover smashes £500m as profit almost trebles

Data centre and logistics contractor rises high on surging demand
2 days ago

Gleeson Homes chief exec leaves business after restructure

Management revamp after "challenging" year
2 days ago

Green light for 1,600-home Oldham town centre overhaul

Plans for over 1,600 homes across six regeneration sites approved
2 days ago

DSM wins Norwich city centre clearance job

Anglia Square shopping centre clearance for £300m scheme
2 days ago

13-year-old becomes UK’s youngest qualified digger driver

Grandson of Gallagher Group chairman sets industry record
2 days ago

Cubby reborn in £12m Svella-backed takeover

£50m revenue target set as 14 firms combine under new Cubby Group banner
3 days ago

North East NHS trusts plot £3bn health estate overhaul

Market engagement begins for major construction push across four trusts
3 days ago

HG goes green on cranes in £1.2m switch to battery power

Diesel-free crane drive cuts fuel bills by 94%
3 days ago

Developer fined £165,000 for fire safety failings

Firm ignored fire safety orders on apartment job in Preston
3 days ago

Bidding to start for £1.8bn North West framework

Contractors invited to bid for latest Procure Partnerships deal
3 days ago

Hill hits record £90m profit as homes pipeline swells

Build-to-rent push and £4.8bn contracting book to fuel next growth phase
4 days ago

Rayner unveils £39bn plan to build 300,000 social homes

Council building revival and rent reform feature in social and affordable homes plan
4 days ago

Keltbray bounces back with £3.2m profit

Tighter controls and smarter project selection fuel strong turnaround
4 days ago

VINCI JV wins 500-home twin town centre revamps

Chester Northgate phase 2 and Northwich Weaver Square schemes move to delivery stage
4 days ago

80 energy projects unlocked as Ofgem backs grid expansion

£24bn energy networks deal gets green light from regulator
5 days ago

How to see your stories on the Enquirer

Join our Suppliers and Buyers directory to get your news published
4 days ago

Henley lands Midland Mill revamp on Leeds tower scheme

Restoration of 18th-century mill kicks off on South Bank regeneration project
4 days ago

New boss at Eric Wright Civil Engineering

Gavin Hulme takes top job as Diane Bourne moves to group role
4 days ago

Pinewood submits £1bn data centre plan

Studio giant adds green and learning spaces to tech hub blueprint
5 days ago

Record results after TClarke goes private

Britain's biggest M&E contractor flourishes after de-listing
5 days ago

Dalkia lands £200m nuclear maintenance deal

1,000 nuclear FM staff to join M&E contractor
5 days ago

Construction comeback to outpace wider economy

Arcadis forecast fueled by spending review optimism
6 days ago

First steel goes up on giant car battery site

Severfield gets to work on McAlpine Somerset site
6 days ago

Permasteelisa wins cladding deal on Bovis city tower

Facade specialist lands package at 60 Gracechurch Street
5 days ago

Fox buys recycled asphalt specialist Fisher

Acquisition adds major recycled asphalt capacity in north west
6 days ago