Buckingham Group Contracting has filed a notice of intention to appoint administrators.
The £700m turnover employee-owned business filed the notice yesterday giving it 10 days to keep creditors at bay.
The move follows a main board shake-up just two weeks ago after group managing director Ian McSeveney tendered his resignation for long term health reasons after 17 years with the business.
Simon Walkley stepped up to replace McSeveney after acting as deputy group MD for two years.
In last reported accounts for 2021, the firm suffered a near £11m pre-tax loss after taking a big hit on a major stadium job, believed to be Fulham FC’s Craven Cottage Riverside stand.
At the time Buckingham chairman, Mike Kempley, said that he expected to report steady sales for 2022, with its present strong order pipeline expected to lift revenue in 2023 to a record £725m.
The firm hit the headlines in September 2021, when it became the largest contractor to switch to an employee ownership trust.
At the same time, founder directors Paul Wheeler and Patricia Wheeler, along with long-standing group stadia director and park Kevin Underwood all retired from the board.
The firm, founded back in 1987, has grown steadily on a mix of rail and stadium work and more recently warehouse and logistic building jobs.
It presently employs over 600 staff.
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