A Bristol construction firm has ceased trading with the loss of 50 jobs just weeks after being named as one of UK’s most inspiring small and medium-sized businesses.
Ikon Construction, which was established in 2001 and has completed many high-profile projects in and around Bristol, was placed into administration yesterday following a cashflow crisis.
Joint administrator Andrew Sheridan, a partner in the Bristol office of specialist business advisory firm FRP Advisory, said all employees at the company had been made redundant.
All Ikon’s live construction sites have been secured and the joint administrators, with their appointed independent quantity surveyors, are reviewing all options available for each site.
Earlier this month it appeared in the London Stock Exchange Group’s latest annual 1000 Companies list, which celebrates the most dynamic SMEs in the UK.
The respected annual report, now in its fifth edition, examines in detail the opportunities and challenges facing SMEs and looks at the sectors and trends that will shape the future of the British and economy.
To be included in the list companies need to show consistent revenue growth over a minimum of three years and a significant outperformance of their industry peers.
Mr Sheridan said today: “Ikon Construction has been a strong performing business over the years.
“Unfortunately, difficulties with a few projects and tighter margins in the industry have led to a persistent cash liquidity issue, resulting in the company entering administration.
“Every support is being provided to affected employees and we are working with customers to explore alternative routes to allow projects to be completed.”
The firm was established by managing directors Pete Hargreaves and Steve Chant in 2001 and specialised in industrial, commercial and factory building projects across the South of England.
Latest results filed at Companies House show in the year to March 31, 2017, it made a pre-tax loss of £79,186 on turnover of £36.9m.
The firm worked on a number of high-profile projects in recent years including the relocation of the London 2012 Olympic pool to Bath and Bristol City Council’s May Gurney depot and the Restoration of a Grade II Listed Clifton Lido.
Ikon Construction was also main contractor on a student apartment scheme in Bristol’s Baldwin Street , where a demolition worker employed by a subcontractor fell to his death in March.
In its LSE1000 Companies listing, Ikon said it worked “in partnership with prestigious developer organisations and established clients on a nationwide basis”.
It described itself as “a fast-growing business with an impressive portfolio”, but said it continued “to offer the genuinely personal service and customer care of a far smaller organisation. With our directly employed team and well-maintained equipment, we can mobilise quickly to complete projects with total efficiency.
“Our managing directors and founders Pete Hargreaves and Steve Chant have personally overseen every project since we started in 2001.
“They actively manage our teams on-site, and stay in close contact with clients throughout each project.
“We are a highly positive, can-do kind of company; here to work with you, achieving your goals, finding solutions and meeting deadlines.
“Our wide-ranging expertise and long experience enable us to build to the highest standards, finishing on-time and on budget, time and again. As a result, we are pleased to say that most of our work comes from repeat business and recommendation by clients.”
