MD of failed construction firm ‘devastated’ as price increases send firm under
Soaring materials prices have been blamed for Edwinstowe-headquartered contractor Robert Woodhead entering liquidation.
Tyrone Courtman and Deviesh Raikundalia of RSM UK Restructuring Advisory have been appointed to the firm with a view to placing the company into voluntary liquidation.
The company cited the well documented market conditions and impact of rapid price increases throughout the supply chain, coupled with fixed price contracts as being the root cause.
Teresa Westwood, managing director at Robert Woodhead, said: ‘The directors are devastated at having to make this decision. Having worked tirelessly to mitigate these issues over recent months, ultimately the business faced a range of cash flow challenges in recent weeks that proved insurmountable and concluded that the company could not continue trading.’
Members of Woodhead’s staff revealed the news on social media last Wednesday evening, with one employee quoted who said that “lots of people have been hung out to dry” by the firm’s apparent collapse.
Established in 1946, Woodhead operates across the East Midlands and South Yorkshire and employed over 150 people – the vast majority of whom have been made redundant.