Administrators appointed for Solihull contractor
Solihull-based contractor Greswolde Construction, has appointed Quantuma’s managing directors, Nick Simmonds and Chris Newell as joint administrators.
Established in 1983, and headquartered in Solihull, Greswolde specialised in new build, design and build, refurbishments and fit-outs.
The company’s latest accounts reported a turnover of £19.4m. The business employed 24 people, whose jobs are affected.
Managing director and joint administrator, Nick Simmonds said, “Along with many other businesses in the construction sector, Greswolde has experienced unprecedented trading conditions over the last couple of years as a direct result of the global pandemic.
“Its customers have been substantially disrupted by unpredictable economic conditions and the business has experienced severe supply chain challenges.
“Having exhausted all options for the business, it is with deep regret that this business is no longer able to continue to trade and has ceased to operate with immediate effect.”
“Our immediate priorities are to provide the support required by employees to enable them to make any necessary redundancy claims, and to work with the management team and their clients to affect an orderly handover of incomplete projects in order to attempt to allow them to be progressed and completed by industry peers”.
Last year construction engineer Perry Stewart and chartered accountant Shaun Walsh took majority ownership of the firm for an undisclosed sum.
They took over from Malcolm Priest, who 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.