Civil engineering firm M Igoe Limited has filed a notice of intention to appoint an administrator.
The company, in Cheshire, filed the application with the Companies court last week (Wednesday 25 October).
Legal services firm Pinsent Masons has been retained as counsel, it is understood.
Accounts for the year ended 31 May 2022 saw turnover of £19.1 million (FY2021: £16.6 million) and profit for the year of £474,848 (FY2021: £131,241 loss).
Net assets and total equity were valued at £2.9 million (FY2021: £2.7 million).
Ordinary dividends of £254,469 were paid, but the directors did not recommend payment of a further dividend.
Construction firms in the UK have gone under at the highest rate in a decade.
Insolvency Service data revealed about 4,280 construction companies in the UK became insolvent in the year to June, a 16.5% increase on the previous recorded year.
Of the 275 construction firms that went out of business in the UK in July this year, 156 were smaller companies.
“Given the uncertainties within the housing market there has been a conscious spread back towards some commercial clients an operations to allow the company to have balanced revenue streams, an aspect less affected by the government’s response to local and national policy,” a financial statement reads.
It adds the “existing risk” from previous legacy contracts is still actively being managed, post-pandemic.
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