Northumberland contractor Howard Russell Construction has collapsed into administration with the loss of dozens of jobs, despite having predicted a huge lift in sales this year.
The Cramlington design and construction business has appointed specialists from FRP Advisory, months after posting a jump in turnover and hopes of future growth. The firm has been involved in a raft of notable projects around the UK, as well as high profile North East schemes. Regional schemes included facilities for both Faltec and Snop at the North East advanced manufacturing hub IAMP, and the City Gate offices at Gallowgate, Newcastle.
Last December the firm posted accounts which showed a jump in turnover for the year ended March 2022 from £12.5m to £43.5m, and a small increase in operating profit from £769,478 to £789,808. It also predicted a big rise in turnover of up to £80m based on its secured orders, with hopes of boosting turnover by 10% each year going forward.
