Administrators confirm job losses at failed contractor
Thirty jobs have been lost following the collapse of Nottingham contractor DAKO Construction, TheBusinessDesk.com understands.
In January, it emerged that the Colwick-based company had filed for administration after soaring materials prices and “recent non-payment from certain clients” made its financial situation untenable.
It has since come to light that Taz Rashid and Rehan Ahmed from Quantuma were appointed joint administrators of DAKO Construction Limited on 20 January.
The administrators have confirmed that the £15m turnover business has ceased trading with immediate effect.
All of DAKO’s employees have lost their jobs as a result.
Rashid, managing director at Quantuma, said: “It is deeply regrettable that Dako Construction has been forced to cease trading, due to a series of what are all too familiar circumstances.
“A combination of extremely difficult trading conditions, supply chain challenges arising from the protracted exit from the COVID pandemic in the Far East and significant cashflow challenges exacerbated by a series of late payments has seen the business unable to meet its liabilities.
“The joint administrator’s immediate priorities have been to provide appropriate support to those whose roles have been affected and to work with a third party to assess the outstanding projects with a view to novating where viable to do so.”
DAKO had recently completed a number of residential projects in Bristol and Nottingham for Study Inn.
Back in January when the news first broke, a number of DAKO’s creditors took to social media to reveal they had missed out as a result of the contractor’s apparent demise.