Eugena, the £50m-turnover developer, has gone into administration with the loss of 130 jobs
Eugena, the £50m-turnover developer that built the world’s longest champagne bar at St Pancras station last year, has gone into administration, with the loss of 130 jobs.
Administrators from BDO Stoy Hayward were called into the company on Monday. The firm, which had a strong presence in the residential market, had been struggling with market conditions.
David Gilbert, business restructuring partner at BDO Stoy Hayward, said: “Trading conditions for the UK construction sector have worsened in 2008 as a knock-on effect of wider international economic volatility.
“We are attempting to sell the ongoing contracts and existing assets of the company and are in the process of talking to interested parties.”
Eugena, which was founded in 1975, worked mainly in London and the Home Counties. Its 130 staff worked across two sites, in Raynes Park and Waltham Cross in Hertfordshire.
As well as the champagne bar, part of the £800m St Pancras redevelopment, the firm was working on several regeneration and public sector initiatives. These included a £7m-a-year Decent Homes programme for Islington council.
The last available accounts for Eugena at Companies House show that it made a pre-tax profit of £286,617 on a turnover of £46.9m for the year ended 30 September 2006. This was a 34% drop on its 2005 profit.