£100m turnover firm filed notice of intent to appoint administrator earlier this week
Facades contractor FK Group booked a £5.5m exceptional item in its last set of numbers, accounts filed at Companies House show.
The £100m turnover contractor, which has filed for administration, said the figure related to a dispute “between FK Construction Limited, one of the Group’s subsidiaries and a main contractor”.
Details of the scheme are not revealed but the bust-up is understood to relate to a dispute with collapsed contractor ISG.
In the accounts, for the year to March 2024, income at the Altrincham-based business slumped 23% to £101m with the exceptional item sending pre-tax losses jump from £614,000 to £5.9m.
But in a note accompanying the accounts, the firm shrugged off the impact of the exceptional item adding it was in “a strong financial position at the year-end, considering the exceptional impact of the dispute, which demonstrates the solid financial position of the Group”.
Its cash pile went up from £828,000 to £5.4m, the accounts, which were signed off in February last year, show. It added that business prospects were looking good, saying: “Market inflationary pressures have stabilised during the period and the subsidiaries have been able to manage cost increases.”
Subsidiaries FK Construction Ltd and FK Facades Ltd also filed for administration at the start of this week.
According to the accounts the firm, which was set up in 1979, whose recent jobs included Sisk’s expansion of Manchester City’s Etihad stadium and which previously worked on the main stand at Liverpool, built by Carillion, employed 164 people.
No comments yet