Employees of Readie Construction were seen seeking work on LinkedIn, after being told early this week that the firm was headed towards administration
Joint administrators have been appointed to take over Readie Construction, after the Essex-based company fell into administration earlier this week.
A statement from Begbies Traynor said: “On 06 February 2024, Costa Pedhiou and Gary Shankland, both of Begbies Traynor, were appointed as Joint Administrators of Readie Construction Limited.
“Unfortunately, the Company will cease to trade immediately and the Joint Administrators will begin to wind down its operations with immediate effect. Creditors of the Company are asked to contact Begbies Traynor on readie@btguk.com to register a claim.
“Having just been appointed, we are assessing the situation and further updates will be made as and when it is appropriate.”
Readie’s rise was rapid, as was its fall
Founded in 2007, the company saw massive prosperity in the warehouse and logistics sectors, increasing revenue between 2016 and 2020 by almost £100m.
Readie Construction currently employs around 260 staff and most recently reported a turnover of £421m generating a pre-tax profit of £1.73m in 2023.
However, multiple staff were seen seeking new employment on LinkedIn on Monday.
Chairman Stuart Read attributed the financial failure to “inflationary cost pressures, numerous subcontractor failures and chronic tightening in the performance bond and trade credit insurance markets.”
