Buckingham Group

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Buckingham Group Contracting Ltd
Industry Construction
Founded1 October 1987 (1987-10-01) (incorporated)
Defunct4 September 2023 (2023-09-04)
Fateadministration
Headquarters
Stowe, Buckinghamshire, England, United Kingdom
Area served
United Kingdom
Key people
Ian McSeveney (managing director)
Website www.buckinghamgroup.co.uk

Buckingham Group Contracting Ltd was a construction company, originally founded in 1955. It was located near Stowe, between Buckingham and Silverstone in north Buckinghamshire and operated throughout England and Wales. It went into administration in 2023 with the loss of over 400 jobs and owing over £121 million to creditors and employees.

Contents

History

Established in 1955 as Buckingham Plant Hire, it incorporated in November 1987 as Buckingham Group Contracting Ltd. [1] The company became established as a main contractor undertaking major construction and civil engineering projects, run by managing director Ian McSeveney.

The company built several sports-related buildings including the £30m London 2012 Olympic handball arena (now known as the Copper Box), a £30m pit lane development for the Silverstone Circuit, and the £93m Falmer Stadium for Brighton and Hove Albion FC. [2]

Administration

On 17 August 2023, the company filed for administration, jeopardising several ongoing projects, including a new £80m 7,000-seat stand at Liverpool's Anfield stadium, a stand at Northampton Town's Sixfields Stadium, redevelopment of Birmingham City's St Andrew's stadium, restoration of Whitley Bay Metro station and new sidings at Beckton for London's Docklands Light Railway. [3] [4] [5] [6] [7] The firm had also been working on a new stand at Fulham's Craven Cottage; reports suggested financial commitments to that project were partially responsible for the company’s difficulties. [8]

In September 2023, the group, which had a turnover of £700m, formally went into administration, with Grant Thornton appointed as administrators. [9] Kier Group bought Buckingham's rail assets and an HS2 contract for £9.6m, saving 180 jobs, but 446 staff — across building, civil engineering, demolition, major projects, and sport and leisure operations — were axed, while other ongoing projects were taken over by other firms. [10] [5] [11] The contractor's collapse was UK construction's biggest since Carillion went into liquidation in January 2018. [9]

The group's collapse left subcontractors owed over £100m. Debts on Liverpool's new Anfield Road Stand alone were around £20m. [12] A 29 September 2023 report from the administrator Grant Thornton confirmed trade contractors and suppliers were owed over £108m, with 1,200 unsecured creditors unlikely to see any kind of return. Buckingham Group had around £5m in the bank when it entered administration. [13] In January 2024, the total trade debt was revised upwards to £113m, while Buckingham’s employees were owed a further £8.2m. [14]

The group's plant hire business, Buckingham Plant Hire, was initially said to be unaffected by the collapse of the contracting arm and continued to trade profitably. [15] However, it was owed around £1.8m, according to the administrator's creditors' report. [13]

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References

  1. ↑ "Company Background". Buckingham Group. Archived from the original on 30 November 2012. Retrieved 7 January 2013.
  2. ↑ "Midlands firm bucks gloom by doubling its turnover". Building. 7 January 2011. Retrieved 7 January 2013.
  3. ↑ Hunter, Andy (17 August 2023). "Firm building Liverpool's Anfield Road stand files for administration". Guardian. Retrieved 5 September 2023.
  4. ↑ "Buckingham Group construction company on brink of collapse". BBC News. 17 August 2023. Retrieved 5 September 2023.
  5. 1 2 "Mace replaces Buckingham on Blues stadium". The Construction Index. 12 September 2023. Retrieved 12 September 2023.
  6. ↑ Holland, Daniel (22 August 2023). "Whitley Bay Metro station renovation plans in jeopardy as contractor The Buckingham Group ceases trading". Northumberland Gazette. Retrieved 29 November 2023.
  7. ↑ Rogers, Dave (4 April 2024). "Buckingham collapse delays DLR job by months, TfL confirms". Building. Retrieved 4 April 2024.
  8. ↑ Bascombe, Chris (17 August 2023). "Construction company building new Liverpool and Fulham stands files for administration". Telegraph. Retrieved 5 September 2023.
  9. 1 2 Aaron, Morby (4 September 2023). "Kier swoops as Buckingham Group enters administration". Construction Enquirer. Retrieved 5 September 2023.
  10. ↑ Prior, Grant (8 September 2023). "Liverpool bring on sub for Buckingham on Anfield stand". Construction Enquirer. Retrieved 8 September 2023.
  11. ↑ Morby, Aaron (3 October 2023). "Willmott Dixon replaces Buckingham on Swansea job". Construction Enquirer. Retrieved 3 October 2023.
  12. ↑ Prior, Grant (13 September 2023). "Subcontractors fear Buckingham debts could top £100m". Construction Enquirer. Retrieved 13 September 2023.
  13. 1 2 Morby, Aaron (29 September 2023). "Buckingham Group supply chain hit for over £108m". Construction Enquirer. Retrieved 29 September 2023.
  14. ↑ Rogers, Dave (25 January 2024). "Amount owed to Buckingham's supply chain jumps to £113m". Building. Retrieved 25 January 2024.
  15. ↑ Prior, Grant (19 September 2023). "Buckingham Plant Hire still trading as normal". Construction Enquirer. Retrieved 19 September 2023.
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