Groundworks firm collapses into administration
A £41m groundworks firm has called in administrators, blaming the Covid-19 pandemic and war in Ukraine for its troubles.
The running of S&I Groundworks, which is based in Burton, has been taken over by restructuring specialist KBL Advisory, which said inflation has caused S&I’s collapse, along with “increased competition for key staff”.
A statement from KBL said: “Significant cashflow pressure as a consequence of cost inflation and economic uncertainty left the directors with no option but to place the company into administration.”
In its latest accounts to the end of May 2021, S&I posted £41m turnover and a profit of £1.9m. The firm employed 21 staff at the time.
S&I also has an office in Knutsford, Cheshire, and has worked for the likes of Barratt Homes, Miller Homes and David Wilson Homes.