Kenham Building Limited has gone into administration.
Chris Farrington and Cameron Gunn of business advisory firm ReSolve have been appointed joint administrators of the London-headquartered residential builder.
After more than twenty-five years of trading, latterly in the construction of high-end domestic properties, Kenham recently encountered “significant” technical groundworks issues on a large refurbishment project.
This led to financial losses and then cash flow problems, which led to pressure on its supply chain.
With no significant pipeline of new work, and after directors approached ReSolve to discuss their options in December last year, the decision was made to make all Kenham employees redundant.
Administrators are currently working on agreeing the final position on Kenham’s incomplete contracts and collecting retentions due on completed ones.
“It is unfortunate to see a business with a strong trading history, and a portfolio of superb construction projects completed over the course of many years, encounter the difficulties experienced by Kenham Building,” said Farrington.
“It is also particularly regrettable that staff were not able to be retained through this process, a reflection of the extremely challenging conditions being experienced not only by Kenham but the wider construction and homebuilding sector.
“Our work will now be focused on ensuring the best outcome for all stakeholders.”
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