Henry administrators probe events in lead up to collapse

Aaron Morby 3 years ago
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Administrators for Henry Construction Projects have confirmed the majority of the contractor’s 40 staff have been laid off.

Administrators from insolvency practice FRP also said they are now working to gather information on remaining assets and events in the lead up to the collapse of the £400m turnover tower builder.

It is understood several clients on Henry’s more advanced projects are now in talks with subcontractors and suppliers to finish work directly.

This includes Henry’s big tower project on City Road in London for developer Ghelamco.

The developer is understood to have decided to finish the mixed residential scheme known as the ARC employing firms directly.

ARC project on City Road where developer Ghelamco aims to finish using self delivery

Gateley Vinden, the property and construction consultancy, is supporting the joint administrators as they contact developers across sites in progress along with Hilco Valuation Services, the asset valuation, advisory and sales practice of Hilco Global, which is assisting with the asset recovery and disposal strategy.

Administrator David Hudson, Partner at FRP, said: “Henry Construction was a significant player of scale in the UK market.

“Unfortunately, given its financial position, it was not able to continue trading and so all operations have ceased.

“Regrettably, the majority of staff have been made redundant and we are supporting them in making the appropriate claims to the Redundancy Payments Office.

“We continue our work to gather information about the assets and liabilities of the business and understand the events leading up to the insolvency. As part of that process, we are engaging with developers regarding the status of each site.”

 

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