Rydon makes £27m provision for Grenfell civil pay-outs

“Rydon Maintainance Limited has made a provision in its accounts for its share of this settlement plus costs and recognised the associated insurance proceeds in other debtors,” said Rydon Group in its company accounts for the year ending 30 September 2022.

Rydon Maintenance Limited was the company commissioned by the Royal Borough of Kensington and Chelsea to install the aluminum composite material (ACM) cladding during the refurbishment of Grenfell Tower in 2014.

“Along with many other contractors and developers, Rydon used cladding in its partial refurbishment of the [Grenfell Tower] which was marketed widely by its manufacturers,” added Rydon Group in its year-end accounts.

“It is now apparent the manufacturers circumvented fire regulations to assist in the marketing of their products and the certification process was very weak.”

The inquiry, which concluded its second phase in November 2022 and is now in the process of producing its final report, found that the ACM cladding was the primary cause of the rapid fire spread during the tragedy

The civil proceedings are separate from the Inquiry and from any criminal prosecutions that may start after the Inquiry publishes its final report next year.

Rydon Group’s accounts show revenue of £52m (down from £121.5m in 2021), and a pretax loss of £5.2m (2021: £2.6m pretax loss).