{"id":20865,"date":"2023-08-17T15:23:12","date_gmt":"2023-08-17T22:23:12","guid":{"rendered":"https:\/\/essential.construction\/news\/buckingham-group-stops-trading-and-tries-to-sell-business\/"},"modified":"2023-08-17T15:23:14","modified_gmt":"2023-08-17T22:23:14","slug":"buckingham-group-stops-trading-and-tries-to-sell-business","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/buckingham-group-stops-trading-and-tries-to-sell-business\/","title":{"rendered":"Buckingham Group stops trading and tries to sell business"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div>\n<p>The <em>Enquirer<\/em> revealed on Thursday morning that the firm had filed a notice on intention to appoint an administrator.<\/p>\n<p>In an update Buckingham said: \u201cIt 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.<\/p>\n<p>\u201cWe know that this will come as a shock to all our valued stakeholders.<\/p>\n<p>\u201cAs 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).<\/p>\n<p>\u201cWe will be liaising with clients and interested parties to optimise any solution and secure the best outcome for creditors.<\/p>\n<p>\u201cWe emphasise the Company is currently not in Administration.<\/p>\n<p>\u201cOur main aim at present is to seek to protect jobs, and to preserve as much of the business as possible.\u201d<\/p>\n<p>The firm added: \u201cVery 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.<\/p>\n<p>\u201cThis 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.<\/p>\n<p>\u201cOver 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.\u201d<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.constructionenquirer.com\/2023\/08\/17\/buckingham-group-halts-trading-and-tries-to-sell-business\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Enquirer revealed on Thursday morning that the firm had filed a notice on intention to appoint an administrator. In &#8230; <a title=\"Buckingham Group stops trading and tries to sell business\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/buckingham-group-stops-trading-and-tries-to-sell-business\/\" aria-label=\"Read more about Buckingham Group stops trading and tries to sell business\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":20839,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1089],"tags":[],"class_list":["post-20865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-enquirer","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/20865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=20865"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/20865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media\/20839"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=20865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=20865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=20865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}