Buckingham group in admin- losses due to FFC stand delays

[Marcel_Gecov]

The subcontractor who seems to have started the problem are Kaicer Building Envelope Solutions, which finally collapsed in February.

Who knew envelopes would be so expensive.

"Finally, Buckingham attributed an additional £1m loss to its move to become employee-owned in September last year – which included a "celebration staff bonus payment". The change made Buckingham the biggest employee-owned contractor in the UK.

"To provide the correct perspective on this disappointing 2021 financial result, this unexpected and uncharacteristic loss follows five consecutive years of positive trading results that collectively yielded a pre-tax profit of £57m," the report stated."

I wonder if becoming employee owned as also added a few issues. I know oif a few companies who make this move and then go pop shortly after - no idea why and wouldnt want to speculate,.

[Holders]

One imagines that the job is being paid for in stage payments so Fulham should not be too much out of pocket - except the loss of revenue. Any claim in respect of that is presumably more difficult with the administration.

[Staffs White]

The construction industry in this country is based on a race to the bottom and negligible margins,


I applied for a job with Buckinghams 2 weeks before they went into administration I was lucky and got warned off by a contact that they were in serious trouble

A colleague of mine went to another contractor and they went bust within 4 weeks of him being there


It's a mugs game for larger contractors, clients expect them to take all the risks but most are management contractors employing smaller firms to do the work and who quite righly so won't accept the same risk

Any large company who has to invest in construction would be better off cutting out the Buckinghams of this world and employing Construction Professionals directly to manage their projects

[Fernhurst]

Liverpool have TODAY appointed an alternative contractor to finish the work on their stadium.

[H4usuallysitting]

I'm guessing Fulham would of also underwritten any debt..... In general - I'm hearing a lot of subcontractors are being laid off, and the landscape is looking a little bare next year.....even the DIY sheds are now struggling

[filham]

I understand around £18m has been lost by the contractor for the Riverside....

Blimey, that's a chunk of change. How did they let it get that bad? Anyone familiar with these things?

Is it a question of them having contracts they had to keep without having income coming in?

Feel bad for them as a business, never nice to see what people have built go under.
[/quote

Sounds like very poor contract management to me.
Can't help thinking it would never have happened under MAF, he would have had a top man looking after things who would have spotted the contractor's problems at an early stage.

I understand around £18m has been lost by the contractor for the Riverside....

Blimey, that's a chunk of change. How did they let it get that bad? Anyone familiar with these things?

Is it a question of them having contracts they had to keep without having income coming in?

Feel bad for them as a business, never nice to see what people have built go under.

[F(f)CUK]

I feel bad for the employees that bought into the company. They have probably lost any share money.

[Stevieboy]

So now they are saying the Fulham Stand is holding up the Liverpool Stand.  Why cant they make a Stand of their own and Stand on their own two feet.

I think we should all make a strong Stand against this.

Seems the Buckingham have now lost their Standing in the building community over this and the shouldn't Stand for it. 

Outstanding post !!    

[H4usuallysitting]

So now they are saying the Fulham Stand is holding up the Liverpool Stand.  Why cant they make a Stand of their own and Stand on their own two feet.

I think we should all make a strong Stand against this.

Seems the Buckingham have now lost their Standing in the building community over this and the shouldn't Stand for it. 

Outstanding post !!    

Who is this Stan bloke