Contractor taken over by investors last year heading for administration

A Solihull-based contractor which was taken over by new investors last year has filed a notice of intention to appoint an administrator.

Greswolde Construction’s website and social media profiles are down as the news comes 12 months after construction engineer Perry Stewart and chartered accountant Shaun Walsh took majority ownership of the firm for an undisclosed sum.

Malcolm Priest purchased Greswolde Construction in 1995.

He had decided that the £20m turnover business “should be less dependent on him and that the time was right to build a larger, stronger senior team to take the business to the next level.”

The new owners expected to reach £50m turnover within three years.