Demolition downturn claims another high profile victim. Hertfordshire-based Rye Demolition has become the latest UK demolition company to call in the administrators amidst increasingly difficult trading conditions within the industry. The news comes hot on the heels of the demise of demolition peers Squibb Group, McCormack Demolition, Wooldridge Demolition and Blucon, and brings to five…Read moreRead more
Insolvency
And Rye makes five
Squibb applies for administration
Construction News is reporting that Squibb Group has applied to enter administration, potentially bringing to an end 75 years of demolition history. As we have reported previously, the company had previously sought a Company Voluntary Arrangement and was set to hear its fate yesterday. But that CVA meeting was cancelled. According to Construction News, the…Read moreRead more
Squibb CVA “off the table”
A meeting of creditors that could have decided the fate of the embattled Squibb Group that was scheduled for tomorrow will not now take place. DemolitionNews has seen a letter sent today to creditors by administrator Begbies Traynor that says: Notice of Cancellation of a virtual meeting of creditors’ of Squibb Group Limited on 21…Read moreRead more
BREAKING NEWS – McCormack folds
DemolitionNews understands that McCormack Demolition and sister company McCormack Site Services (Ireland) Ltd have been placed in administration. A brief statement on the company’s website reads: “Please note on 14 November 2023 Tom Keenan and Scott Murray of Keenan CF were appointed as joint administrators of the companies.” With the website closed, it has been…Read moreRead more
Squibb decision delayed
DemolitionNews understands that the creditors’ meeting that could decide the fate of Squibb Group has been pushed back by almost two weeks. A virtual meeting was originally scheduled for on 9 November 2023. That meeting will now be opened and adjourned and creditors are not required to attend this. The adjourned decision date meeting will…Read moreRead more
Squibb on the brink
Squibb Group, one of the UK’s biggest demolition companies, has applied for a Company Voluntary Arrangement (CVA) in an attempt to keep creditors at bay. The company has appointed administration specialist Begbies Traynor as it works to survive what is being described as a “cash-flow crisis”. DemolitionNews spoke to one of the company’s creditors this…Read moreRead more
Construction tops insolvency league
More than 4,000 UK construction companies have been declared insolvent since the beginning of the year, according to statistics from the Government’s Insolvency Service.
Genesis of a sad story…
Rumour has it that the UK demolition industry is about to lose another of its number, further underlining the fact that 2020 is a year to forget. But while we are working to turn rumour into fact, the latest episode of the Demolition Daily LiveStream shares the story behind the story.
Northbank no more…
Social media statements suggest company has folded. A plethora of social media posts on Facebook and LinkedIn late last night suggest that North West of England demolition contractor Northbank Demolition has folded. The news broke too late to obtain official confirmation; but former employees have taken to social media to express their sadness at the…Read moreRead more
Cuddy Group administration update…
Cuddy Group provides latest update on calamitous collapse. Failed Welsh demolition contractor Cuddy Group has issued a statement naming the administrators appointed to handle its affairs. That statement – reproduced below – also shows the depth of the company’s collapse which has taken down the entire organisation. Alistair Wardell and Nick Wood were appointed joint…Read moreRead more
