One of the leading construction companies responsible for several high-profile building projects in Devon and Cornwall, Brady Construction Services Limited, has made the unexpected decision to cease trading. The firm, with offices located in Bodmin and Plymouth, cited financial challenges as the reason behind this difficult choice.
Brady Construction Services Limited had been actively involved in a range of significant projects throughout the region. Notably, the company's website ceased operation on November 1, and it's evident from images taken at the Palace Hotel construction site in Devon that the project has come to a standstill.
Accountancy firm Bishop Fleming has officially confirmed this recent development, stating, "Brady Construction Services Limited has ceased all trading activities as of October 30, 2023, and is set to enter liquidation in the coming week."
Luke Venner and Malcolm Rhodes of Bishop Fleming LLP have been engaged by the directors of Brady Construction Services Limited to facilitate a meeting of the company's creditors, which is scheduled for November 9.
Malcolm Rhodes, senior restructuring manager at Bishop Fleming, commented, "Brady Construction Services Limited stopped trading on October 30 and will proceed with the liquidation process. Creditors will receive notices later this week, followed by the meeting on November 9, providing them with an opportunity to register their claims."
An automatic reply from Brady Construction in response to an inquiry from DevonLive offered further insights, stating, "After seeking independent advice regarding the company's financial position and available options, Brady Construction Services Limited has made the difficult decision to cease trading immediately and has engaged Bishop Fleming LLP to oversee a creditors' voluntary winding-up process."
At this point, it remains uncertain whether creditors will experience financial losses due to the company's closure, and the number of jobs that might be affected is also unclear. Brady Construction was actively working on the Palace Hotel site in Torbay on behalf of the Singapore-based Fragrance Group, which had invested an estimated £150 million in the project.
In 2022, Brady had taken over the construction of the hotels after the Midas Group Ltd. announced its impending administration. In Plymouth, the family-run firm had also contributed to the £13 million Teesra House apartment block project, along with several other ventures in Cornwall.
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