Struggling Northampton construction consultant sells divisions to company directors
Property consultant Fletcher King has sold its project management, construction management and QS division to the directors of the company.
Fletcher King Howard (FKH) is a Northampton-based multidisciplinary construction consultant specialising in public sector projects in the education and health sectors. In the year to 30 April 2008 it had a turnover of £1.9m and made a pre-tax loss of £18,000.
In a statement, the parent company said that FKH's activities were now "not core" to the business. It said: "Its current trading is disappointing and it has recently suffered the unexpected cancellation of a significant government contract."
Attempts to sell FKH to bidders within the construction industry have proven unfruitful, it said, and so some members of its management team have paid a "nominal sum" for the company, with the undertaking to pay off an outstanding £180,000 loan to its former parent as soon as possible.