Another part of Real group heading for administration

Grant Prior 8 months ago
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The South West division of  the Real Contracting Group has filed a notice of intention to appoint administrators.

Rydon will complete Real SW's £41m Siddington contract
Rydon will complete Real SW's £41m Siddington contract

Real SW staff were told yesterday in an internal email seen by the Enquirer.

The move follows a similar application by the London and South East division Real LSE last week.

Real specialises in the construction of new homes, student accommodation and later living schemes for housing associations, local authorities and selected private clients.

The Real Contracting Group was created in 2021 by former Wates Residential managing director Paul Nicholls.

The group was formed following the acquisition of Rydon Construction’s south east and south west businesses which consisted of eight ongoing projects.

At the time of the group’s formation Nicholls set a turnover target of £300m for the new group.

The staff email from Nicholls confirmed: “I am very sorry to let you know that the Real SW directors and I have taken the decision to put our Real SW into Notice of Intention to appoint administrators.”

Real SW was working on a £41m residential contract at Siddington Park near Cirencester which has already been novated to Rydon.

Latest accounts for Real SW show the firm had a turnover of £28m for the year to February 28 2022 generating a pre-tax loss of £1.3m.

Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.

Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.

The Enquirer has linked-up with Red Flag Alert to offer readers a discount on its services and help you avoid worthless invoices from insolvent companies.

For more information and to benefit from the Enquirer discount click here.

 

 

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