Richardson Roofing (Industrial) Limited (04252237): administration
- Status
- Administration ended
- Administration began
- 2023-10-23
- Administrators' firm
- Begbies Traynor
- Formerly
- Basefield Limited
- Incorporated
- 2001-07-13
- Location
- London
- Industry
- 43910 Roofing activities
Why it went into administration
- Loss-making contracts / project overruns
- COVID-19
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated in July 2001 to serve as a main contractor for large construction projects, specialising in roofing within the construction industry.
In the aftermath of the tragic Grenfell Tower fire, the UK government swiftly responded with stringent directives aimed at preventing similar disasters. These directives had a significant impact on the construction industry, prompting companies to reevaluate their practices and make substantial changes to comply with the new regulations. While the directives were intended to enhance public safety, they inadvertently placed a heavy burden on businesses, particularly those in the construction industry.
The Company faced several challenges in navigating these changes. Firstly, the cost of retrofitting existing projects was exorbitant, draining the company’s financial resources. The need to halt ongoing projects to implement these changes further exacerbated the financial strain, leading to delays and contractual disputes with clients. The new directives were not only financially draining but also gave rise to significant legal claims within the Company.
Administrators' statement of proposals (2024-01-03) · Companies House register