Dawnus Group goes into administration

Administrators from Grant Thornton took control of the the Dawnus Group today.

The group employed 700 people across six regional offices and 44 construction sites at the time of administration.

Alistair Wardell, Restructuring partner at Grant Thornton UK LLP said: “The Dawnus Group has struggled with a wide variety of challenges and despite significant efforts to turn the business around, unfortunately it has not been possible to rescue the Group.

“As a consequence, the future cash flows has meant that the business was not in a position to continue to operate, including completing existing work in progress.

“Whilst the financial difficulties of the group were not a consequence of Brexit, there is no doubt that Brexit uncertainty impacted the ability to rescue the business.

“Our priority is to work with management to ensure that any impact on customers, employees and creditors, including subcontractors, is minimised.

“That process is at its early stages and key employees continue to be retained to support the required procedures.”

“Key employees” have been kept on from the firms 700 staff.

The companies in administration are:

• Dawnus Group Limited
• Dawnus Construction Holdings Limited
• Dawnus Developments Limited
• Dawnus Southern Limited
• Churchfield Homes Limited
• Dawnus Limited
• Quantum Geotechnical Limited
• Ashbridge Construction Limited
• Legsun Limited

The administration does not extend over the international operations of Dawnus International Limited, Dawnus Sierra Leone Limited or Dawnus Liberia Limited.

from Construction Enquirer http://www.constructionenquirer.com/2019/03/15/dawnus-group-goes-into-administration/

via Tumblr http://ndbasilica.tumblr.com/post/183471737444