Charles Henshaw & Sons has filed for administration after 120 years of trading.
Directors of the Edinburgh-based envelope specialist blamed issues with legacy contracts and main contractor delays on new project starts for causing it to become loss-making.
Administrator Shona Campbell at Henderson Loggie is seeking a buyer for the £18.5m-turnover firm and its assets.
The company offers full design, fabrication, supply and installation of building facades, across commercial, residential and public buildings.
Founded in 1904 as a decorative architectural metalworking company, it launched an aluminium-glazing-systems division in 1982, offering curtain walling and windows to the construction industry.
Projects it worked on include the Usher Hall in Edinburgh, Waverley and Glasgow Queen Street stations, and University of Glasgow buildings.
Its specialists also helped conserve sculptures including Greyfriars Bobby and Piccadilly’s Eros statue.
In its latest published accounts, for the year to 31 January 2023, Henshaw turned over £18.5m, down from £21.4m the previous year.
It made a £3.9m pre-tax loss during the period.
Charles Henshaw & Sons managing director Graham Chung said: “Henshaw cladding solutions have set industry standards, and we have worked hard for our position as a trusted partner in the facade sector of the construction industry.
“I am proud of our distinguished reputation built over many decades, and it is with deep regret that, after exploring every avenue to keep afloat, we are unable to continue.”
He added: “We have a long-serving, loyal and extremely well trained and talented team of estimators, designers, fabricators, site management and business support staff. We have left our mark with craftsmanship and projects that have shaped the UK skylines with precision and elegance.”
Campbell said her primary focus was to ensure the wellbeing of the 72 staff at risk of redundancy.
She added: “We are actively seeking interested buyers for the business and assets, which offers a unique opportunity to acquire a company with a solid reputation and extensive portfolio.
“Despite its strengths, the business has faced significant financial pressures due to escalating costs, problematic legacy contracts, and delays in initiating new projects. Our goal is to navigate these challenges effectively, preserving as much value as possible for all stakeholders involved.”
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ConstructionNews – https://www.constructionnews.co.uk/financial/administrations/facade-specialist-goes-under-after-120-years-12-07-2024/
