Caldwell Construction Files for Administration: Civil Engineering Giant Struggles
Industry insiders reveal that Caldwell Construction, a civil engineering firm with a turnover of £60 million, is currently in a precarious position. The company has communicated with its subcontractors and staff, indicating it is fighting for survival amid ongoing discussions with potential investors.
Caldwell Construction Faces Financial Struggles
As cash flow issues mount, Caldwell has instructed hundreds of subcontractors to stay home, following a failure to issue payments last Friday. This financial strain has persisted for several weeks, leading to increased tension within the company.
Incidents Linked to Payment Disputes
Compounding these challenges, a concerning incident occurred over a week ago when diggers were set ablaze at a construction site near Liverpool. This act is suspected to be directly related to ongoing payment disputes. Furthermore, local authorities were called to a Caldwell director’s residence recently to manage a situation involving suppliers demanding payment.
Company Background and Regional Impact
Established in 2007, Caldwell Construction has developed a significant presence in civil engineering, particularly in groundworks for house builders and developers across the Midlands, North West, and Yorkshire. The company has been actively engaged in projects for Vistry Group, but payment delays have only heightened their financial difficulties.
- Founded: 2007
- Turnover: £60 million
- Employees: Approximately 50 from Stoke and Warrington
- Current status: Fighting for survival amid talks with potential investors
Vistry Group has confirmed that Caldwell operatives have been removed from its sites due to these financial difficulties. A spokesperson expressed regret over the situation, stating that they are working to secure alternative subcontractors to prevent any delays in construction timelines.
