Financial

ISG paid £300,000 to subcontractor Alucraft Systems in a last-ditch attempt to save it from administration, Construction News can reveal.  But the glazing and facades specialist collapsed in March nonetheless.  The £300,000 payment in March this year was meant to shore up Alucraft as it struggled under the weight of…

Homebuilder Cala Homes has been sold by Legal & General for £1.35bn to a joint venture of a private equity firm and property investor. A statement from Cala released today (18 September) confirmed that Legal & General had agreed the sale with Sixth Street Partners and Patron Capital. The deal…

The administration process for one of the most high-profile construction firm collapses in recent times could drag on for “several years”, administrators have warned. Administrators from Interpath Advisory, who were appointed to lead Tolent Construction’s administration process in February 2023, said “complexities” around retentions and construction milestone payments were causing…

Drum roll, please… The CN100 2024 is now available for Construction News basic and CN Premium users. The index ranks the top 100 contractors in the UK by turnover, based on accounts filed before 16 August 2024. We also include other indicators such as pre-tax profit, cash at hand and…

Eric Wright Group’s profit has dipped after a “particularly challenging contract” hit its civil engineering business for £700,000. The contractor, which reports through parent company Henmead Ltd, blamed the dip on a “small number of contracts which have suffered challenges, necessitating provisions for losses incurred”. But it pointed to the…

Rising turnover and slumping profit characterise the CN100 2024 index of top UK contractors, but the outlook remains broadly positive There is a saying among economists that “if you torture the data long enough, it will confess”. At Construction News we like to think that our interrogation techniques reveal the…

Vinci made a second consecutive loss in the UK last year, despite its turnover jumping to £2.29bn.  The French construction and property giant recorded a pre-tax loss of £6.4m across its UK operations in the year to 31 December, according to financial accounts for a newly consolidated holding company that…

Creditors of collapsed industrial specialist Readie Construction Limited are set to lose £43.1m, after claims rose by 65 per cent in value. In April, administrators from Begbies Traynor estimated unsecured creditors would bring £26.1m in claims. An update published on Friday (13 September) revealed that claims formally submitted totalled £17m…

Modular building provider Portakabin has reported an increase in turnover and a modest drop in profit after acquiring one of its major competitors. Turnover jumped 21 per cent to £476.1m in the financial year ending 31 December 2023, having been £393.4m in the previous year, while pre-tax profit dropped by…

Insurers could pull professional indemnity (PI) insurance coverage again if faced with an influx of claims under new post-Grenfell laws, a broker has warned.