Major Roofing and Cladding Contractor Files for Administration

ROOFING AND CLADDING contractor SD Samuels (Special Projects) Ltd has given notice it intends to appoint an administrator.

The £15m turnover Basildon based company established in 2004 filed a Notice of Intention to appoint an administrator on the 29th December, 2022.

Contractor Files for Administration

In the lead up to the Notice, the company reportedly doubled its trade debtors during the year and recently lost a significant investor at short notice. Additionally, the business is thought to have lost a number of adjudications on completed projects.

SD Samuels (Special Projects) Ltd was listed in Roofing Today’s 2022 Top 40, ranking at number 34. As a major player in the roofing and cladding industry, SD Samuels was contracted by many of the Tier 1 companies, working on large public sector projects as well as new retail and commercial projects.

Accounts filed for the company show that while 2020’s turnover of £12.3m increased by 20% to £14.9m in 2021, its pre-tax profit plummeted by 78% from an already slim £860,000 in 2020 to just £185,000 in 2021.

As the business gave notice of its impending collapse, it was in the midst of working on the flagship Liverpool Football Club’s new Anfield Road stand for main contractor Buckingham Group.

The £665m turnover Buckingham Group attributed its pre-tax loss in 2022 to the failure of another “major and critical subcontractor” thought to be another cladding contractor, Kaicer Building Envelope Solutions, which had been working on the new Fulham Football Club’s Craven Cottage Stadium.

SD Samuels (Special Projects) Ltd employed 26 staff, some of whom are thought to have been redeployed to its smaller sister company, SD Samuels Ltd, although others will be made redundant, it has been reported.

 

>> Read more of the latest news

The post Major Roofing and Cladding Contractor Files for Administration appeared first on Roofing Today.

Generated by Feedzy