Building firm with Greater Manchester HQ files for administration after nearly £6 million losses

FK Group, a prominent UK construction firm based in Altrincham, has entered administration after reporting a £5.9 million pre-tax loss for the year ending March 31, 2024. The firm faced various challenges, such as delays tied to the building safety regulations and ongoing legal issues with the collapsed contractor ISG, leading to a 23% drop in turnover to £100.6 million. FK Construction, the main contracting division, incurred a hefty £7.5 million loss due to a staggering 50% revenue decline and £5.5 million in exceptional legal costs. Meanwhile, FK Facades, focusing on curtain walling, managed a small profit of £1.2 million amidst these troubles. Additionally, Companies House filings show that accounts for all three companies are overdue. A recent High Court ruling against FK Facades for remedial work costs added to the woes. Founded in 1979, FK Group was once a top player in the construction industry but now faces significant restructuring amid these financial troubles.

Read the full article at Manchester Evening News