Greswolde Construction goes under

Grant Prior 2 months ago
Share

Solihull based Greswolde Construction has ceased trading and appointed administrators with 24 job losses.

Happier times: Greswolde Construction’s Malcolm Priest (second left) is pictured with (from left) Director Chris Harrison, new Managing Director Perry Stewart and Finance Director Shaun Walsh
Happier times: Greswolde Construction’s Malcolm Priest (second left) is pictured with (from left) Director Chris Harrison, new Managing Director Perry Stewart and Finance Director Shaun Walsh

Quantuma Advisory Limited is now in charge of the £20m-turnover contractor which has been in business since 1983.

Greswolde specialised in new build, design and build, refurbishments and fit-outs.

Quantuma managing director and joint administrator, Nick Simmonds said: “Along with many other businesses in the construction sector, Greswolde has experienced unprecedented trading conditions over the last couple of years as a direct result of the global pandemic.

“Its customers have been substantially disrupted by unpredictable economic conditions and the business has experienced severe supply chain challenges.

“Having exhausted all options for the business, it is with deep regret that this business is no longer able to continue to trade and has ceased to operate with immediate effect.

“Our immediate priorities are to provide the support required by employees to enable them to make any necessary redundancy claims, and to work with the management team and their clients to affect an orderly handover of incomplete projects in order to attempt to allow them to be progressed and completed by industry peers.

“Our role as administrators will be to maximise recoveries and realisations to make a distribution to Greswolde’s secured or preferential creditors.”

Greswolde’s collapse comes a year after new investors took over the running of the firm.

Last August construction engineer Perry Stewart and former PWC Chartered Accountant Shaun Walsh invested in the business as former owner Malcolm Priest stepped back.

Priest bought Greswolde Construction Ltd in 1995 but “felt the business should be less dependent on him and that the time was right to build a larger, stronger senior team to take the business to the next level.”

Last summer Stewart said: “We’ve bought into a fantastic company that has a great team, so the potential is immense.

“With such a great company and solid, talented colleagues, if we don’t double the turnover in three years I’ll eat my hat!”

Latest news

Construction arm propels Mace to record profit

Revenue expected to top £2bn this year despite project delays
4 mins ago

Sisk fixes price on £227m Quintain flats job

Quintain signs single-largest contract so far at Wembley Park
1 hour ago

Rising costs tip William Hare to £3.6m loss

Specialist contractor falls into the red despite near 60% revenue rise to £220m
22 hours ago

Safety blitz on “aches, pains and strains” on site

1,000 site visits planned in coming months to check how workers are moving heavy or bulky materials
23 hours ago

Drones sent flying underground to check sewers

Traditional inspection teams replaced with latest technology
5 hours ago

Plan submitted for 470 Preston flats scheme

Stoneygate Central scheme on Dryden Mill site will rise to 16 storeys
4 hours ago

Graham starts £124m M25 Junction 28

Work on the 36-month Junction 28 upgrade includes constructing a major two-lane loop road
4 hours ago

Keltbray bags brace of energy infrastructure wins

Civils work on huge converter stations worth £30m to specialist
22 hours ago

Balfour Beatty sole winner for £4bn Scape civils deals

Contractor reappointed to England, Wales and Northern Ireland and separate Scottish deals
1 day ago

PR expert Baroness Rock to chair Costain

Kate Rock will take up senior board role at the end of the year
1 day ago

Billington profit upgrade after strong first-half

Steelwork contractor says weaker pound will allow it to reignite its old export markets in Europe
1 day ago

Green light for £120m Liverpool “super restaurant”

Historic Pumphouse at Stanley Dock to be transformed
2 days ago

Tolent bags £15m Sunderland skills academy

Work to start later this year on Housing Innovation and Construction Skills Academy
1 day ago

Government launches net zero review

Pro-growth and pro-business review of net zero 2050 target launches
2 days ago

L&G Modular wins 400-home Wolverhampton job

Modular specialist wins 17-acre Canalside South regeneration scheme
2 days ago

£1.2bn A12 upgrade accepted for planning

15-mile Essex road upgrade between Chelmsford and Colchester aims for 2023/24 start
2 days ago

US consultant trumps WSP bid for RPS Group

Tetra Tech swoops but WSP could come back with new offer if bidding war breaks out
2 days ago

Sisk hands staff £900 cost of living cash boost

Firm also promises staff £400 Christmas voucher in November
2 days ago

Loathed IR35 reforms scrapped by Chancellor

Contractors will no longer have to determine tax status of freelance workers
5 days ago

Higgins signs deal for 740 West London homes

Work to start this autumn on two Hayes housing estate rebuilds
2 days ago

Kier wins Sefton net zero £36m school job

Deyes High School in Maghull will consist of 60 classrooms
2 days ago

Giant TBM cutterhead takes road trip to second drive

Balfour Beatty Vinci to drag remaining TBM back through tunnel for second bore
5 days ago

Fast-track 138-project growth plan – full list

Chancellor banks on road projects to lead growth plan recover
5 days ago

Kwarteng backs construction to lead “new era for Britain”

Planning rules to be ripped-up to speed infrastructure work as 38 new Investment Zones created
6 days ago

Green light for next two Manchester NOMA jobs

Work to start early next year on first of two major office buildings
5 days ago

Bouygues struggles to raise profitability

Loss-making contracts dent pre-tax profit at £835,000 from revenue up at £484m
5 days ago

Architect helps staff with £1,000 cost of living cash

P+HS Architects to make one-off payments this autumn
5 days ago

Sisk wins £69m rerouting of landslip-prone A59

Site clearance to start next month at Kex Gill in Yorkshire
6 days ago

Renewal race starts for £800m NEPO framework

Nearly 20 firms face fight to renew places on north east construction panel
5 days ago

Avonside supply chain left holding £17m in unpaid bills

Former bosses revealed as buyers of branches from administrators
6 days ago

Contractor services