Westridge Construction Limited has filed a notice of intention to appoint an administrator.
The East Sussex company filed the notice with the Companies court today (12 September).
Established in 1990, Westridge in Catsfield delivers contracting and design and build projects ranging between £1 million and £15 million in various sectors throughout the South East of England, including housing, education, healthcare, leisure and commercial.
It employs in the region of 150 staff, including more than 80 trade technicians.
Accounts made up to February 2022 show turnover increased by £6.9 million to £64.2 million.
Profit before tax and dividends reduced by £980,882 to £853,426.
Gross profit was £5.93 million (2021: £6.04 million) and the gross profit margin was 9.23% (2021: 10.13%).
“The reduction in gross margin from the previous year is due to the challenging trading conditions that exist, which has seen significant cost increases, together with a rise in supply chain failures,” the company wrote at the time.
Adding: “We have robust credit monitoring procedures that enable us to maintain a strong cash position, ensuring all supplier’s accounts are settled in a timely manner, whilst also providing finance for our own developments without the need for external funding.”
The company has retained London law firm Cripps Pemberton Greenish as counsel.
Westridge Construction Limited was approached for comment.
Cripps Pemberton Greenish was also approached for comment.
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