Westridge Construction Limited (02557785): administration
- Status
- Administration ended
- Administration began
- 2023-09-15
- Administrators' firm
- Insolvency Practitioners of Crowe U.k.
- Formerly
- Fernland Design Limited
- Incorporated
- 1990-11-13
- Location
- Maidstone
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Rising costs / inflation
- Loss-making contracts / project overruns
- COVID-19
- Supply chain disruption
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company continued working on its sites throughout the Covid pandemic. The directors were of the view that there would be a significant short, sharp, shock to turnover and profitability in the financial year March 2020 to February 2021 which would manifest itself in the form of unrecoverable project delays, but with little or no exposure to liquidated damages on the basis that delays had been caused by force majeure. However, throughout 2021, 2022 and the first half of 2023, the Company faced significantly increased costs challenges from a number of well documented causes, namely:
• Supply chain insolvencies leading to delays and supply chain re-engagement costs.
• Supply chain financial support in the alternative to insolvency.
Administrators' statement of proposals (2023-11-14) · Companies House register