Reed Watts and Cube Design projects affected as Shaylor Group goes into administration
A Reed Watts Architects housing scheme in east London and a new visitor attraction at the Silverstone racing circuit are among the projects affected by the collapse of contractor Shaylor Group.
The West Midlands-based company went into administration on Monday with the loss of around 200 jobs, blaming “severe cashflow pressures in recent weeks following several project delays”. The firm’s monthly pay round was due this week.
Raj Mittal, partner at restructuring specialist FRP Advisory – which was appointed joint administrator – said a housing scheme in Barking designed for Pocket Living and the new museum at Silverstone were among the projects Shaylor had been working on.
The 78-home Barking project was designed by Reed Watts, while Cube Design had a key role in the £20m Silverstone Experience, which had been due to officially open next month.
Shaylor Group was also contractor for the £30m-plus refurbishment of the grade II-listed Wolverhampton Civic Hall.
FRP’s Mittal, said: “Despite the efforts of the directors, the financial issues facing the company were not able to be resolved and resulted in the decision to place the business into administration.
“Our immediate priority is now to support those affected and work closely with the Redundancy Payments Service to ensure that employees receive every support at this difficult time. We will also be working closely with clients to ensure the smooth transfer of sites.”
The administrators said the £142m-turnover contractor, led by chief executive Stephen Shaylor, had experienced “severe cashflow pressures in recent weeks following several project delays”.
FRP said a handful of staff had been kept on at the firm’s Aldridge office to help out the administrators, who added they are speaking to Shaylor’s clients regarding the transfer of sites.
A statement from the Silverstone Experience said the attraction had been just two weeks away from practical completion when Shaylor went into administration.
“Whilst this means there will be a short-term delay to our public opening, the project is not in doubt,” the statement said.
”We are talking directly to the sub-contractors and will work with the administrator on transfer of the site from Shaylor Group.”
The Silverstone Experience had been due to open to the public on 9 July, five days before the circuit hosts the British Grand Prix.
The project has seen the conversion and extension of a Second World War-era Wellington Bomber hangar into a museum for the home of British Motor Racing.