Luxury property contractor goes into administration

A London-based luxury property contractor has filed for administration.

Cheevers Poole specialised in residential properties in West London, particularly Chelsea, Belgravia, and Kensington, as well as carrying out some work in South Africa. It described its construction business as one for the “super prime property sector”.

The Chelsea-headquartered company has appointed insolvency practitioners from Leonard Curtis. The administrators have not yet revealed the reasons for the firm’s collapse, but confirmed that work had already halted on most of its sites before they were appointed.

Joint administrator Alex Cadwallader said that they were currently speaking to clients.

“The business has a very strong brand and impressive track record, and we will be working quickly to establish whether any of the contractual arrangements can be salvaged for the benefit of the company’s creditors,” he said.

Some management staff have been retained to help with the process of administration.

The sunken contractor, registered to Companies House as Cheevers Poole Ltd, is part of a wider group called Cheevers Howard Ltd.

In its latest accounts for the year ending on 30 March 2020, the group turned over £34.9m, up from £24.7m in the previous year. Some 65 people were employed in 2020, which was unchanged from the year before.

Joint administrator Dane O’Hara added: “None of the other companies within the group are subject to proceedings and are continuing to trade as usual.”

Data provided to Construction News exclusively from Creditsafe shows that 158 construction companies have entered administration in 2022 so far, compared to just 85 at the same stage last year.

Last month, 20 construction firms went into administration, which was slightly less than the preceding month, but still higher than the figure from one year earlier. Loss making contracts and the high cost of raw materials are some of the top reasons cited for bringing firms down.

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