Demolition firm started in 1948

Squibb Group has been formally placed into liquidation, according to documents filed at Companies House.

Squibb has been going since 1948 and in its last set of results filed at Companies House, the firm saw turnover rise 5% to £32.9m in the year to January 2022. Income at its demolition business rose 6.5% to £31m.

But documents filed at Companies House last week show the company’s registered address in Essex has changed to the Canary Wharf office of corporate restructuring firm Begbies Traynor which has been listed as the liquidator.

A meeting of Squibb’s creditors to decide whether to accept a Company Voluntary Arrangement was twice pulled last month.

Squibb was one of 10 firms fined a total of £60m in March by the Competition and Markets Authority (CMA) for its involvement in the sector’s bid-rigging scandal.

The CMA cleared it of making so-called ‘compensation payments’, having initially been found guilty of doing so, with Squibb hit with a £2m fine.

Squibb said it would appeal the penalty because it was “disproportionate when seen in the context of the wider investigation and the other infringements discovered as part of the CMA investigation”.