The two Wembley Link towers behind the High Road at an earlier stage
Update from the Construction Index (LINK)
As previously reported, Geoff Rowley and David Hudson of specialist business advisory firm FRP were appointed as joint administrators to Henry Construction Projects Limited on Thursday 8th June 2023.
Since the appointment, the administrators have been assessing the position of the business with support from sector professional advisors.
The business is no longer trading and most of its 40 staff have been made redundant. A small number has been retained to assist the administrators in their duties.
Gateley Vinden, the property and construction consultancy, is supporting the administrators as they contact developers across sites in progress along with Hilco Valuation Services, the asset valuation, advisory and sales practice of Hilco Global, which is assisting with the asset recovery and disposal strategy.
Mark Henry’s own personal property portfolio is understood to be unaffected by the collapse.
David Hudson, partner at FRP and joint administrator of Henry Construction Projects Limited, said:
Henry Construction was a significant player of scale in the UK market. Unfortunately, given its financial position, it was not able to continue trading and so all operations have ceased. Regrettably, the majority of staff have been made redundant and we are supporting them in making the appropriate claims to the Redundancy Payments Office.
We continue our work to gather information about the assets and liabilities of the business and understand the events leading up to the insolvency. As part of that process, we are engaging with developers regarding the status of each site.
7 comments:
I heard they are at 2nd fix stage, wonder how long it will take to finish, or stand as a White Elephant and a warning to other ambitious developers of what may come to pass.
Definitely won't be affordable now.
Yes 2nd fix was reporter. Can you explain what that means for readers?
Reported.
This refers to everything that comes after plastering has finished. It might include: Connecting up electrical fixtures. Adding in sinks and baths, kitchens. Fitting doors into door frames.
I have just been to have a look and the site is deadly quite, one security man on duty, nothing has moved since the shock announced on the 8th of June. The security man said it is going to take a further 9 months to finish. That is ambitious at best they will need to find a new contractor. Please note the owner of the development is Hub and they are not in trouble as far as we know.
They will be when they get new quotes.
The collapse of Henry Construction Projects Limited and the subsequent loss of jobs for 40 staff members is a distressing reminder of the inherent flaws within the capitalist system. This unfortunate situation is not an isolated incident but rather a symptom of a larger systemic issue. As a society, we must critically examine the circumstances that led to this outcome and challenge the prevailing economic paradigm.
Under capitalism, companies like Henry Construction Projects Limited operate within a competitive market where profit maximization is the primary objective. In pursuit of this goal, corporations often prioritize short-term gains over the well-being of their employees. The fact that most staff members have been made redundant showcases the callous disregard for the livelihoods of workers when financial difficulties arise.
The administrators' statement emphasizes the magnitude of Henry Construction's presence in the UK market, underscoring the vast scale at which capitalist enterprises operate. However, the sheer size of a company should not overshadow the structural flaws inherent in the capitalist system. The insolvency of a significant player like Henry Construction is a stark reminder of the inherent instability and volatility of capitalism itself.
In a socialist framework, the collapse of a company like Henry Construction would not result in widespread job losses and the abandonment of employees. Instead, workers would have a say in the decision-making processes and be entitled to fair treatment, including appropriate compensation and support in times of economic difficulty. This fundamental shift in power relations would foster a society in which the welfare of all individuals is prioritised over the accumulation of wealth by a privileged few. Yet Labour said goodbye to Corbynism and instead they have Sir Starmer the knight.
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