The £20m-turnover contractor Greswolde Construction has gone into administration just one year after adopting new investors.

The company specialised in a broad range of services including new builds, design, smart buildings and refurbishment, particularly in the commercial sector. They were largely credited with having an impressive track record of completing projects under time and within budget.

Despite almost forty years of experience, the unprecedented economic challenges caused by the global pandemic greatly impacted the customer demand and supply chain of Greswolde Construction. The company was forced to immediately cease all trade and operation as of August 10th. The website and social media pages of the company have also been shut down.

The administrator in charge  has stated that the trading conditions of the past couple years have also had a significant impact on the downfall of Greswolde. They state that the primary goals for the company are to support the employees and the management team in wrapping up projects and making redundancy claims. They also commented that the administrators will push to “maximise recoveries and realisations to make a distribution to Greswolde’s secured or preferential creditors.”

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Greswolde’s downfall comes only one year after gaining investment from construction engineer Perry Stewart and PWC chartered accountant Shaun Walsh. They took over as owners of the company after previous owner Malcom Priest stepped down claiming the company would benefit from having a larger, stronger senior team. After the handover, Steward stated “We’ve bought into a fantastic company that has a great team, so the potential is immense. If we don’t double the turnover in three years I’ll eat my hat!”

As the fourth anniversary of the global pandemic approaches, its impact on many British companies is becoming more and more evident. Despite its misfortune, Greswolde Construction remains an excellent business opportunity due to its experience and rapport with its customers. For more information on construction companies in administration, read about Founda going into administration or search our database.

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