London fit-out specialist files for administration

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London-based fit-out specializer Twenty 1 Construction has called successful administrators.

The £68m-turnover company, which chiefly worked crossed London and the South East, appointed administrators from Grant Thornton past week.

Construction News was archetypal alerted to issues astatine the institution 4 weeks agone and understands that directors astatine Twenty 1 Construction had been considering filing for medication since the commencement of March.

Founded successful 2012, Twenty 1 Construction has completed enactment successful premier London locations, including Aldwych, Grosvenor Street and Farringdon. The steadfast besides fitted retired 2 floors connected a gathering astatine British Land’s Broadgate Tower, which it tweeted astir past month.

Twenty 1 Construction besides worked with the likes of Mace and WSP astatine 110 Bishopsgate successful the City of London.

In its astir caller yearly accounts, for the twelvemonth to 31 December 2020, the institution tabled a turnover of £68.6m and a pre-tax nett of £692,000.

But the steadfast was deed by shutdowns amid the coronavirus pandemic, which led to its nett halving betwixt 2019 and 2020. It reported “higher than expected costs” owed to societal distancing measures introduced successful March 2020. Material shortages, which person besides affected the manufacture implicit the past 2 years, further stretched the business.

In the erstwhile year, to the extremity of 2019, it posted a turnover of £72.6m and a nett of £1.7m.

In 2020, the institution had an mean of 72 employees. Its currency pool, which was £2.6m astatine the extremity of the year, had been successful dependable diminution since the opening of 2019, erstwhile it totalled £6.7m.

Twenty 1 Construction’s website has been taken down. CN called the fig associated with the business, which went done to an enactment selection, but past rang out.

At the clip of publication, Grant Thornton had not replied to requests for comment.

Issues including expanding worldly costs, labour shortages and lately soaring ostentation person rocked the manufacture implicit the past 12 months.

In February, more administrations were recorded than successful immoderate different month since the commencement of the coronavirus pandemic, with 1 adept telling CN that firms already struggling for currency earlier the onset of the pandemic lone needed 1 oregon 2 jobs to spell severely earlier they faced fiscal occupation and risked going bust.

Last week, Mace warned that the Russian penetration of Ukraine could further propulsion up tender prices, arsenic substance prices soar and worldly prices stay high.