Financial

A string of acquisitions has contributed to specialist OCU Group racking up a pre-tax loss of £30.9m, its latest annual accounts have shown. However, the infrastructure contractor revealed a 34 per cent increase in revenue to £610.6m in its accounts for the year ended 30 April 2024. That compares to revenue…

Modular builder TopHat is to lay off staff and wind down its modular housing operations, it has announced. The latest blow to the modular housing sector comes a month after Construction News reported that the firm had seen off a winding-up petition lodged by one of its creditors. Top Hat,…

Sinead Cuthill is an associate and Dan Coppel is a partner at Faegre Drinker Biddle & Reath Merger and acquisition activity in the UK construction sector has declined from its peak in 2022, frustrating would-be buyers and sellers, as well as the bankers, brokers, lawyers and accountants who service the…

Administrators have identified more than £190m in losses for ISG’s supply chain in their statutory analysis of all but one of the doomed contractor's eight subsidiaries that went under last month. Statements of affairs for seven of the eight ISG firms that entered administration last month were lodged with Companies…

Construction remains the worst-affected industry for insolvencies, according to the latest official monthly figures. Data released today (18 October) by the Insolvency Service revealed the construction industry continues to see the biggest number of administrations and liquidations by sector, with 4,310 firms collapsing in the 12 months to 31 August…

Demolition specialist John F Hunt Group has announced its sale to an employee-ownership trust (EOT). Equity in 19 of the group’s 21 companies is to be transferred to the new trust. Morris Machinery and generator supplier John F Hunt Power are excluded from the deal. Financial details of the transaction…

Slow homebuilding output means the government is unlikely to meet its targets, an industry expert has warned. Market data and subdued financial results from housebuilder Bellway have led to concerns that 1.5 million new homes are unlikely to be built by the next election. Dr David Crosthwaite, chief economist at…

Keltbray Infrastructure Services Ltd (KISL) has bought Linbrooke Services’ rail business for an undisclosed amount. KISL – which Keltbray sold to EMK Capital in August – said the acquisition would secure around 140 jobs and “elevate the digital and systems capability of KISL to a new level”. Linbrooke’s rail business…

Administrators of a £68m-turnover collapsed fit-out specialist have suspended their collection of outstanding debts following months of painstaking work. Following “several months of pursuing the remaining debts with no significant developments”, administrators for fit-out specialist Twenty 1 Construction have decided to suspend that work after advice that it would not…

Turnover is falling this year at two ground engineering firms owned by a subsidiary of French multinational Vinci. Geotechnical specialist Bachy Soletanche and its subsidiary, piling specialist Roger Bullivant, are both on course for reduced activity levels in 2024 - according to accounts published on Monday (14 October). Bachy Soletanche…