Cladding and facade specialist Speedclad has collapsed into administration after a major contract becoming loss-making.
Administrators from Interpath said the Northallerton-based firm had faced difficult period in which a number of postponed or abandoned contracts, material and labour shortages and rising prices had weighed on its progress. Despite efforts to save the company 44 staff have been redundant, with a small number kept on to assist with the administration.
Interpath said it was exploring a number of options including seeking a buyer for the business, its assets and intellectual property. The latest accounts for £18m-turnover Speedclad, which had recently done work on Birmingham Symphony Hall and a 13-storey hotel in Milton Keynes, show operating profits fell considerably from £958,144 in 2020 to £98,931 last year.
