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Home Planning & Construction News Buckingham Group on the brink of
administration
@coward_lion | iStock
 * Planning & Construction News


BUCKINGHAM GROUP ON THE BRINK OF ADMINISTRATION

August 18, 2023
1329


BUCKINGHAM GROUP HAVE CEASED TRADING AND FILED A NOTICE TO APPOINT
ADMINISTRATORS

Buckingham Group is now seeking to “protect jobs and preserve as much of the
business as possible” as it faces going into administration.

The Buckingham-based construction company, which is owned by its 600-strong
workforce, has filed a notice of intent to appoint administrators. This gives it
ten days to explore further sale options- and keep creditors temporarily at bay.


LIVERPOOL FC WERE CONFIDENT THAT ANFIELD’S EXPANSION WILL CONTINUE

Buckingham was contracted on the 7,000 seat expansion to Liverpool FC to
complete in October 2023, although it was already over-schedule and over budget.

The club confirmed that Buckingham’s troubles would not affect the phased
opening of the lower tier for this weekend’s match against Bournemouth and
added: “We will work with Buckingham Group on the planned phased opening of the
remainder of the new stand and will continue to keep supporters updated on
arrangements for future games.”



In a statement yesterday (17 August 2023), Buckingham Group said on the
potential administration filing:

“It is with immeasurable regret that the Buckingham Board has to announce that
rapidly escalating contract losses and a sharp reduction in liquidity, together
mean the Company is unable to continue trading at this current time.

“We know that this will come as a shock to all our valued stakeholders.”


THE FIRM SAID SIGNIFICANT LOSSES ON STADIUM CONTRACTS HAD LEFT THEM IN THIS
POSITION

“Very strong delivery and commercial performance across most of the business has
been outweighed by deep losses and interim cash deficits incurred on the three
major Stadium and Arena contracts, and a substantial earthworks contract in
Coventry.

“This situation on these four long term major projects developed through a
combination of unexpected impacts such as the extreme inflation linked to the
Ukraine conflict and other challenges in the Sports and Leisure division.

“Over several months and right up to this week, the Board has worked with
specialist advisors to seek to bring substantial new investment into the
business that would have enabled the Company to continue trading as a going
concern without interruption. However, this initiative has ultimately met
without success.

“As a result of the recent challenges, the board has filed a Notice of Intention
to appoint Administrators to protect the business whilst we explore a sale of
all or part of the business in a very short period (days/weeks).

“We will be liaising with clients and interested parties to optimise any
solution and secure the best outcome for creditors.

“We emphasise the Company is currently not in Administration. Our main aim at
present is to seek to protect jobs, and to preserve as much of the business as
possible.”

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