Baby Shard fit-out and joinery specialist Swift Horsman Ltd falls into administration, leaving 220 people redundant.
Cost overruns led to the collapse, while directors’ efforts to sell the company were unsuccessful, according to PwC, which was appointed administrator to the £40 million turnover company yesterday. It means 220 people have lost their jobs.
Karen Dukes, joint administrator and partner at PwC along with Stephen Oldfield, said: “The company has suffered as a result of cost overruns on recent projects, impacted by the difficulties in the construction sector.
“The directors have been attempting to sell the business, but no buyer could be confirmed and they had no option but to place the company into administration.
“Unfortunately, we have had to make all the employees redundant immediately and will now be seeking a sale of the business and assets.”
The Hertfordshire-based Group was engaged on the Baby Shard development in London Bridge.
The group took a loss of £644,000 after tax in the year to 31 March 2012 after what it called an “extremely challenging” financial year, though at the time directors said they were confident conditions would improve.
The company also did some high-quality bespoke joinery for business premises such as conference centres and hotels.
It had filed a notice of intent to appoint administratror around 10 days ago and extended it yesterday, according to the Top Service credit agency.
The group consists of a fit-out, joinery and offsite technology business, a joinery and finishing contractor, a drylining specialist, a fastener and fixing business and training and innovation firms.
Swift Horsman listed business activity on projects in progress and new work, potential delays and a concentration of work as key concerns in its most recent results.
A manufacturer and installer of high quality pre-fabricated washroom fit-outs for businesses and prestige addresses, it has offices in Ware, Hertfordshire and Dalbeatie, near Dumfries in Scotland.