A facade specialist impacted by Brexit and the Covid outbreak is set to appoint an administrator.
Enfield-based M Price Group filed a formal notice of intention on 16 August.
The firm – founded in 1881 by glass merchant Malcolm Price – specialised in installing aluminium curtain walling, windows and multi-material facade solutions at high-rise and commercial projects. Work included the Emirates football stadium (pictured).
M Price’s annual accounts were overdue since April 2023, according to Companies House. Its most recent set of accounts, covering the financial year to 30 April 2021, described a pre-tax loss of £1.2m and a turnover of £29m, delivering a margin of -4.2 per cent.
At the time, the firm said that “Brexit uncertainty was compounded by the coronavirus pandemic”, as the firm was hit by project delays and a drop in output across the industry.
Company directors said that overhead costs mounted and the result was M Price’s first loss in 27 years.
M Price Group, which focused on projects in London, borrowed £3.5m under the Coronavirus Business Interruption Loan Scheme in July 2020. It paid back £2m a year later, according to its accounts, leaving outstanding debt of £1.5m.
The firm said at the time that it hoped investment in new planning software, links with suppliers and sufficient reserves would ensure its survival.
But since then, two group entities that were created in a restructuring in 2021 collapsed. M Price Limited went into administration in September 2023, followed by M Price Contracting in April this year.
Source : ConstructionNews