£50m turnover firm has been in business since 1884
Historic contractor Jerram Falkus is set to go into administration, filings made at the High Court show.
The Shoreditch-based firm filed a notice of intent to appoint an administrator yesterday (Tuesday), bringing to an end of 140 years of trading.
Calls to the firm’s office yesterday went unanswered with rumours surfacing over the weekend the contractor was no longer trading.
One of the firm’s jobs was a £20m scheme to build a leisure centre and extend a secondary school in east London that is running months behind schedule.
The job to expand both Wanstead High School and Wanstead leisure centre was supposed to finish last autumn.
But that date was already five months behind an earlier completion date with the job having been on the blocks since 2020.
In its last set of accounts for the year to July 2024, Jerram Falkus’s turnover was up 7.5% to £50m while pre-tax losses narrowed from £5.4m in 2023 to £342,000. The number of people at the business dropped from 86 to 68.
In a note accompanying the accounts, the firm said: “Going forward, projected turnover for the next financial year is £57.4m, of which approximately 91% is already on site.
“With appropriate provisions included in the 31 July 2024 results and the pricing of the current projects accounting for further inflation, the directors are confident that margins will continue to recover to their normalised levels.”
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