Financial

Severfield will reduce its staff pool by 6 per cent to “mitigate the effects of the trading pressures” it is facing. The contractor – ranked 42nd in the latest edition of the CN100 and CN's top structural steel specialist – carried out a headcount review last year. It now expects to…

Sir Robert McAlpine (SRM) has rebounded into the black in its latest accounts, with the tier one contractor recovering from last year's severe loss. The firm generated a pre-tax profit of £10.4m in the year to 31 October 2024 after suffering a £104.6m pre-tax loss the year before. At the…

This story was written with AI assistance from Harmsworth Who is Harmsworth? Malaysian conglomerate IJM Corporation Berhad has completed its acquisition of a 50 per cent stake in UK contractor JRL Group, formalising a partnership intended to target high-value, rail-adjacent developments in London and beyond. The £50m deal - announced…

Eleven firms in the ISG family – including the UK holding company – entered liquidation rather than appointing administrators, Construction News can reveal. In September, accountancy firm EY was appointed as the administrator for eight of ISG’s most well-known companies after the £2.2bn-turnover firm’s collapse that month. New analysis by CN…

Administrators dealing with the collapse of Dorset contractor Acheson Construction suspended an auction of its plant and machinery after an unnamed creditor “unlawfully took possession” of one of the firm’s seven telehandlers. The £53m-turnover Acheson went under in February, blaming rising costs and a contract dispute for its demise. Administrators…

Rudi Klein is a barrister. He was formerly chief executive of the Specialist Engineering Contractors’ Group I have a question. Has anybody seen a diminution in the demands for retention monies? Feedback I receive from firms is a definite NO! There is a reason for asking. Cast your minds back…

Southern Housing, one of the largest housing associations in England, has said it was hit for more than £36m by Henley Construct before the contractor went under. The South London-headquartered residential builder entered administration in April 2023, weeks after Construction News revealed it had placed most of its staff on…

Contractor Gilbert-Ash will be sold to an employee-ownership trust (EOT), the Belfast-headquartered contractor and fit-out specialist has announced. Financial details of the transaction have not been disclosed. The firm had a book value (net assets) of £26m as of 31 December 2023, the date covered in its latest published accounts.…

The planned acquisition of digital infrastructure firm Telent by M Group requires approval on competition and national security grounds, it has emerged. Both firms have shared clients – including Transport for London, National Highways and Network Rail – which means the acquisition is expected to need Competition and Markets Authority…

Turnover and profit each fell last year at offsite manufacturer Merit Group Services, although the firm hopes to see long-term growth from its investments in research and development (R&D) and automation. The Northumberland firm posted turnover of £79.8m for the 12 months ending 30 June 2024. This was down 10…