Tim Bateson and Ryan Grant from Interpath Advisory have been appointed Joint Administrators of Enrok Construction Limited. The company, a family-run business specializing in the design, build, and project management of residential and commercial developments, has offices in the East and West Midlands.
Recently, the company has encountered several challenges, including the insolvency of a key supplier and delays to crucial contracts, resulting in mounting cashflow pressure. Consequently, the directors determined that insolvency was inevitable and made the decision to appoint administrators.
Following their appointment, the joint administrators promptly made seven of the eight company employees redundant as the company was no longer able to trade. Tim Bateson, director at Interpath Advisory and joint administrator, conveyed, “The building and construction sector continues to face a number of headwinds, including persistent cost inflation and material shortages which have had the effect of eroding the thin margins that are so often seen in competitive fixed price contracts.”
Continuing, Bateson stated, “Our intention is to assist the employees that have unfortunately been made redundant whilst we seek to realize the assets of the company, including exploring any interest in the company’s live contracts.”