Rydon pays out £27m for Grenfell civil claim settlement

Aaron Morby 1 year ago

Grenfell contractor Rydon has revealed a provision of £26.7m to cover the cost of its part in the settlement earlier this year with more than 900 survivors and bereaved family members of the tragedy.

The provision is also understood to include the potential outcome of ongoing talks with individuals not included in the BSR Cohort 1 group civil case settlement.

Rydon said its settlement is being covered by its insurers.

Lawyers for the BSR group took action against 22 firms in total. This included cladding maker Arconic, Saint Gobain (parent company of insulation manufacturer Celotex), Kingspan (another insulation provider), main contractor Rydon, cladding subcontractor Harley Facades, fire engineering consultant Exova, architect Studio E , fire risk assessor CS Stokes and Associates, and Whirlpool (the manufacturer of the fridge freezer starting the fire), council landlord, the Royal Borough of Kensington and Chelsea, and the Kensington and Chelsea Tenant Management Organisation.

The civil claim is separate to the public inquiry into the fire, which finished taking evidence in November 2022 and is expected to issue its final report later this year.

A spokesperson for Rydon said: “Rydon, along with other companies and public sector bodies, has participated in an alternative dispute resolution process which related to a large number of civil claims brought by bereaved, survivors, and local residents of the Grenfell Tower disaster. Following productive and co-operative engagement between the parties, settlement terms have been agreed with the vast majority of those affected without the need for a prolonged legal process.

“Rydon continues to express its deepest sympathy to the Grenfell residents and their families.”

In latest published accounts to September 2022, Rydon Group Holdings revealed a pre-tax profit of £6.1m level with last year from revenue slumped 35% to £91m.

Rydon Homes was the main profit driver left in the group generating a pre-tax profit of £11m up from £3.7m previously.

Rydon Construction, which has been wound down with the exception of working through existing legacy contracts, recorded a £3.9m loss from £5m revenue.

Rydon Maintenance, involved in the Grenfell project, delivered a £700,000 pre-tax profit down from £900,000 previously on revenue of £43m.


Latest news

Beck Interiors files administration notice

Supply chain has suffered delayed payments from £139m-turnover luxury fit out specialist
8 hours ago

Green light for York Central civil service office hub

£60m office project accelerates York Central goods yard redevelopment
5 hours ago

Blenheim House Construction enters administration

Administrators looking at options on present projects
21 hours ago

Profits rise at Esh Group with more to come

Contractor confident about year ahead as market conditions move in right direction
8 hours ago

Piling specialist Van Elle sees housing orders rise 30%

Mark Cutler says firm on course to deliver 10% annual sales growth
7 hours ago

HS2 to spend £100m shutting sites where work never started

Remediation of sites no longer needed for cancelled Phase 2 will take three years
1 day ago

Willmott Dixon wins £61m deal for new Army dog unit

Contractor to revamp Kendrew Barracks in Rutland
7 hours ago

Stockport advances 4,000-home Town Centre East plan

Council seeks consultants to steer plan for 280-acre area in the city
8 hours ago

ISG sale imminent as buyers set-up UK holding company

South African nutrition entrepreneur and Australian partner primed to take over
1 day ago

CR Construction wins £210m Manchester towers

Construction to start next year on four blocks ranging from nine to 34-storeys
1 day ago

Southern Housing to rationalise supply chain following merger

Firms put on alert for £1.7bn construction framework renewal
1 day ago

Decision delayed on 52-storey Isle of Dogs tower

Hong Kong developer plans 460 flats block next to Millwall Inner Dock
1 day ago

Go-ahead for £850m North London estate rebuild

Flagship Edmonton housing estate redevelopment will deliver 2,000 new homes
1 day ago

Mace lands £184m Oxford Science Park contract

Contractor to build trio of laboratory and office buildings
2 days ago

Worker paralysed in 30ft fall during electricity pylon demolition

Specialist firm fined £240,000 after court hears linesman attached lanyard to a loosened steel section
1 day ago

Sir Robert McAlpine clinches £4bn Somerset gigafactory

2.6m sq ft car battery plant will require over 2,000 workers at peak construction
2 days ago

House builder Hill Group tops £1bn turnover

Group's controlled development pipeline stands at £10bn
2 days ago

Higgins wins 360 new homes job in south London

Firm will now work up planning for phase 2 of Brixton housing project
2 days ago

Kier starts £48m Ealing high school job

Northolt High School to be rebuilt for 1,130 pupils
2 days ago

Plans in for £64m Suffolk A12 upgrade

Work to start next summer on dualling and junction upgrades
2 days ago

Man suffers multiple fractures in HS2 accident

Engineering firm fined after fall leaves worker in hospital for two months
2 days ago

Go-ahead for Milton Keynes’ largest private rental project

Platform_ to build 20-storey scheme of 335 flat next to train station
5 days ago

A2Dominion reins in new-build and cuts development team

Housing association to stop private new build sales in big strategy switch
5 days ago

Sellafield partnership appoints final key delivery partners

Altrad and Kaefer bag £180m access, insulation and painting deal
5 days ago

Health centre canned as build costs double in four years

Devon NHS stands down plans for Health and Wellbeing Centre in Teignmouth
5 days ago

Family confirm death of Des O’Rourke

Deputy chair and co-founder of Laing O'Rourke dies aged 75
6 days ago

Plans approved for major phase of £2.5bn Salford Crescent

Crescent Innovation will help create global research hub
5 days ago

Deal to kick-start 3,000-home Northstowe town centre

Labour Government acts to unlock next phase of new town near Cambridge
6 days ago

Striking new-look for Canary Wharf HSBC tower

Large chunks of upper floorplate to be removed in major overhaul
6 days ago

Kier halves debt to £115m after strong trading year

Order book up 7% to £10.8bn with 85% of work secured for year ahead
6 days ago

Contractor services