Surrey-based luxury fitout specialist Fileturn Limited appears to have filed a ‘notice of its intention to appoint an administrator’, after reporting a net loss for the year due to a “technically unique and commercially challenging” project.
Fileturn has supplied principal contractor and interior fitout and refurbishment services to a wide range of high-profile clients for more than 25 years, including bespoke projects through to major works in the hospitality, leisure, banking and retail sectors.
Examples include for hospitality company Accor, restaurant chain wagamama, and hotel names such as Hilton, Double Tree, Ramada, Marriott, and Waldorf Astoria, according to its website.
Projects by the firm include at Brown’s Hotel in Mayfair, the Aulis London restaurant in Soho, and an office-to-residential scheme at Kingsway, London, for property development company the Revelan Group.
The interior construction contractor, in Redhill, appears to have lodged an application with the Companies Court on Friday (2 August).
Commercial law firm Gateley also appears to be listed in the court documents as Fileturn’s legal representative.
Latest accounts for the year ended 31 March 2023 show the business made a pre-tax loss of more than £1.1 million from a turnover of nearly £31.3 million after encountering a challenging project.
More than 4,280 construction companies of various sizes went out of business in the UK in the year to May 2024, according to recent findings by the Insolvency Service.
“The Board are pleased to report that the ordinary business remained stabled with both turnover and gross profits increasing year on year,” a financial report states.
Adding: “Unfortunately, this has been negatively affected by the impact of a loss sustained from a one-off exceptional project, which has proved both technically unique and commercially challenging.
“As a result of the above, the company presents a net loss for the year.”
Fileturn were approached for comment.
Gateley declined to comment.
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