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Friday, 19 November 2010

DB Russell Construction in Administration

DB Russell Construction, the North Somerset-based building firm which developed social housing, affordable housing and general building for local authorities,  has gone into administration. 

This is yet another builder exposed to the social housing and local authority market that has collapsed. This follows Rok and Connaught.  The events in this particular sector of the construction industry is one of the public faces of the spending cuts that are starting to bite.

The previous government was very committed to social housing projects but it now appears, given the information coming out of the other failures, that the margin on such contracts were so thin and in some cases loss making.
DB Russell Construction reportedly owes £900,000 to companies it has sub-contracted work to, £370,000 to suppliers and £620,000 to banks.

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