Modular home builder Beattie Passive has filed a notice of its intention to appoint an administrator.
The family-run company said it had encountered a “cash flow gap”, largely the result of its biggest projects being delayed.
Related Articles
It blamed volatile macro-economic conditions and issues with the planning system.
Founder and managing director, Ron Beattie, said with “deep regret” the company will stop operations at its 100,000 sq. ft factory in Norwich where it employs under 50 staff members.
He added however the company will “continue to explore all possible options” as part of its strategic review.
Founded in 2009, Beattie Passive has sought to improve the energy efficiency of UK homes, raise building standards and narrow the performance gap in the construction industry.
It remains underleveraged and has an order book worth £4.5 million and achieved year-on-year revenue growth.
The company and its advisers are still exploring fundraising possibilities.
Bristol legal service Osborne Clarke appears to be listed as ‘counsel’ for the company, documents show.
Beattie said: “Having explored all strategic options, it is with deep regret that we have today filed a Notice of Intention to appoint administrators and paused operations.
“My family and I founded this business 15 years ago to deliver the types of high-quality, energy-efficient homes our country so desperately needs, while creating highly skilled, green jobs within the local communities we operate.
“I want to express my sincere thanks to all of those who have helped Beattie Passive become the pioneering company it is today, and we will continue to explore all possible options as part of our strategic review.”
Original source: Beattie Passive Modular to appoint administrators – Construction Wave
Image credit: Beattie Passive
The post Beattie Passive Modular to appoint administrators appeared first on Offsite Hub.
