Severe supply chain problems have contributed to West Midlands-based contractor Greswolde Construction falling into administration.
The firm, headquartered in Solihull, has been running since 1983, specialising in new build, design-and-build, refurbishments and fit-outs.
Around at the 24 people at the company, which has a reported annual turnover of £19.4m, are at risk of losing their jobs.
Quantuma Advisory’s managing directors, Nick Simmonds and Chris Newell, have been appointed as joint administrators of the business.
Unprecedented trading conditions
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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 effect an orderly handover of incomplete projects in order to attempt to allow them to be progressed and completed by industry peers.
“Our role as administrators will be to maximise recoveries and realisations to make a distribution to Greswolde’s secured or preferential creditors.”
