Awbwmc2 Limited (07138155): administration
- Status
- In administration
- Administration began
- 2024-02-05
- Administrators
- Martin Charles Armstrong, Andrew Richard Bailey
- Administrators' firm
- Interpath Advisory
- Formerly
- Upright Construction (South East) Ltd; Upright Carpentry and Construction Limited
- Incorporated
- 2010-01-27
- Location
- Weybridge
- Industry
- 43390 Other building completion and finishing
Why it went into administration
- COVID-19
- Creditor pressure / legal action
- Loss-making contracts / project overruns
- Competition / price pressure
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of the proposals has been prepared based on information provided by the Board of Directors ("the Board") of the Company and not from our personal knowledge as Joint Administrators.
UCLSE operates in the luxury residential construction sector, specialising in new builds, refurbishments, and remodelling projects across the South-East. The Company had enjoyed consistent growth in turnover and project scale, having initially thrived on competitively priced fixed-price construction contracts pre-COVID, with profit margins typically set at 15%.
However, the onset of the COVID pandemic brought unforeseen challenges, causing a surge in construction material and labour costs, leading to financial losses on fixed price projects. The Board responded promptly by implementing strategic measures, including capital injections and negotiations with suppliers, aiming to mitigate the impact of these challenges.
Administrators' statement of proposals (2024-02-21) · Companies House register