Last Updated on: 22nd November 2023, 01:41 am
Steven Muncaster and Sarah Bell of Duff & Phelps Ltd were appointed Joint Administrators of Construction Partnership UK Limited (“the Company” or “CPUK”) on 24 April 2020.
CPUK is a privately-owned contractor with over 20 years of experience delivering a wide range of high-quality building services across both the private and public sectors. The Company mainly operates across the North of England and the Midlands undertaking new build and refurbishment contracts carried out under traditional and design & build arrangements across most building sectors in the value range £1 million – £25 million. Its diverse workload includes the construction of education & healthcare facilities, sport & leisure facilities and office & retail premises together with all aspects of residential development.
Steven Muncaster, of Duff & Phelps stated “CPUK has come under increasing pressure over the past 12 months due to a combination of factors including an increasingly competitive market and raw material price increases. The Company exhausted all options in terms of finding a solution to the current financial issues, caused by a combination of problem contracts and bad debts. The combined effect of these, coupled with the uncertain outlook for the construction industry in the wake of the Coronavirus pandemic has caused a drain on the Company’s cash reserves and it had no other option but to appoint Administrators.”
Due to the current and ongoing Coronavirus pandemic, the business temporarily ceased to trade, and all staff were placed on furlough leave by the Company prior to the Administration. The employees of the Company will remain on furlough leave and the Joint Administrators are now looking at a sale of the business and assets of the Company as a going concern in the first instance.
