Administrators have been appointed to Speedclad Limited, a specialist facade contractor providing design, supply and installation of cladding and curtain walling facades.
Speedclad operates from its head office in Northallerton, with a regional site in Doncaster.
Over recent years, the business has faced challenges on multiple fronts including a difficult trading environment, paticularly during the COVID-19 pandemic. The business has been hampered by the wider economic conditions, resulting in a number of postponed or abandoned contracts, supply chain challenges, material and labour shortages, and rising prices. Against this difficult business landscape, one of Speedclad’s major contracts became loss-making, having a profound impact on working capital.
Despite significant efforts by the company to avoid insolvency, the directors reached the conclusion that it was in the best interest of creditors for the company to be placed into administration.
James Lumb and Howard Smith from Interpath Advisory were appointed joint administrators of Speedclad Limited on 16 August 2022.
44 members of staff have been made redundant, with a small number retained to assist with the administration. The joint administrators are exploring a number of options including seeking a buyer for the business, its assets and intellectual property.
James Lumb, Managing Director at Interpath and joint administrator, said: “The administration of Speedclad is symptomatic of the growing challenges facing the construction sector, particularly cladding and facades businesses.
“Speedclad is historically profitable and has delivered notable projects such as the facades at the Wellington Place office development in Leeds. The company is a well-respected business with strong goodwill in the market from customers, suppliers and other stakeholders. Whilst we are hopeful of finding a solution for Speedclad, its administration suggests that other strong businesses could be facing similar challenges.”
