Greswolde Construction appoints Quantuma as administrators

Quantuma Advisory Limited has announced its managing directors, Nick Simmonds and Chris Newell, have been appointed as joint administrators of West Midlands construction firm, Greswolde Construction Limited (Greswolde).

Established in 1983 and headquartered in Solihull, Greswolde specialised in new build, design and build, refurbishments and fit-outs. The company’s latest accounts reported a turnover of £19.4m, however the business has faced “unprecedented” trading conditions over the last couple of years due to the global pandemic.

Overall, Greswolde employed a total of 24 people, all of whose jobs have been affected. Quantuma said its immediate priorities are to provide support to the employees to enable them to make any necessary redundancy claims.

Quantuma will also work with Greswolde’s management team and clients for an “orderly” handover of incomplete projects vto allow them to be progressed and completed by industry peers.

Simmonds said: “Its customers have been substantially disrupted by unpredictable economic conditions and the business has experienced severe supply chain challenges. Having exhausted all options for the business, it is with deep regret that this business is no longer able to continue to trade and has ceased to operate with immediate effect.”

“Our role as administrators will be to maximise recoveries and realisations to make a distribution to Greswolde’s secured or preferential creditors.”