Construction firm's closure 'significant loss' to local business community
As previously reported, at least 40 people at Acheson Construction, whose head office is based at the Railway Triangle Industrial Estate in Dorchester, have been made redundant after the company entered administration.
Steve Bulley President of Dorchester Chamber for Business added: 'The announcement that Acheson Construction has entered administration is a significant loss to our local business community. Our thoughts are with the employees and any local suppliers affected.
'This sad news highlights the broader challenges currently facing the construction industry. Over the past year, profit margins in the sector have been under considerable pressure. Notably, the average margin among the top 100 UK construction companies has declined to 1.7% from 2.7% in the previous year.
Acheson Construction Head Office (Image: Alfie Lumb) 'Several factors have contributed to this margin compression. While building material costs have begun to decrease, ending a period of record high inflation that severely undermined profits, operating conditions remain challenging and mixed.
'Additionally, the industry continues to grapple with tight profit margins and ongoing skills shortages.
'The demise of Acheson Construction serves as a stark reminder of the vulnerabilities within the construction sector locally. Dorchester's business community has remained robust but it is a concern when a company with the heritage and size of Acheson Construction is unable to continue.'
Robin Potter, mayor of Dorchester, said: 'It's very sad news that we've lost a well-established business that has been based in the town for many years. It's really sad to see them go.
'We hope everyone involved find employment and I hope that another firm can fill the breach that Acheson's will leave behind.'
Richard Lewis and Alistair Wardell of Grant Thornton UK LLP were appointed Joint Administrators of Acheson Construction Limited on Tuesday, February 18 and ceased the company's operations on their appointment, with 40 of its 48 staff made redundant as a result. According to the joint administrators, the retained staff are assisting them with winding down the company's affairs.
People reacting to the news online shared messages such as: "How sad. This company trained many building apprentices and done a lot of good. So sorry to hear this."
Another added: "This is sad news, Achesons were the employers of so many, including school leavers taking apprenticeships, starting in the 1970s. I hope the people laid off find employment soon."
According to administrators, the firm had been impacted by higher costs on fixed price contacts but added that the current efforts are focused on 'supporting employees'.
The company, which has been involved in a host of local and regional building projects, had operated for more than 50 years and had another premises in Whiteley, near Fareham, Hampshire.
Richard Lewis said: 'The business has been impacted by increased costs on fixed priced contracts, delays in the commencement of new projects and a dispute over amounts due under a key contract.
'Whilst the directors had considered alternative options, they sadly concluded it was no longer viable to continue to trade.
'Our efforts are initially focussed on supporting employees with making claims to the Redundancy Payments Service, securing physical assets and gathering information and evidence to support any claims the company has under contracts including in relation to retentions.'
A notice has recently been put up on the company's website to alert people that the business is in administration.
The latest accounts for the firm show a turnover of £53m, generating a pre-tax profit of £46,000 in the year to December 29, 2023. Last year's accounts are not yet available.
Creditors will receive a formal notification by Monday, February 24 from the joint administrators of their appointment with details of how to claim amounts owed.
Anyone with queries on this is urged to contact the company by writing in the first instance to Acheson Construction Limited – In Administration, c/o Grant Thornton UK LLP, Landmark, St, Peter's Square, 1 Oxford St, Manchester M1 4PB or cmusupport@uk.gt.com.
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