Overview
- The collapse has disrupted major schemes at Multiplex’s Elephant and Castle in London and Sisk’s Manchester City Stadium in Manchester.
- Company accounts show a £5.9m pre-tax loss for 2023/24 on revenue down 23% to about £100.6m, with 2024/25 filings overdue at Companies House.
- FK Construction reported a £7.5m pre-tax loss after revenue halved, including £5.5m in exceptional costs linked to a dispute involving ISG.
- A recent High Court ruling required payment of about £80,500 to Paragon in a case concerning remedial roof work tied to FK Facades.
- The company cites industry pressures including Building Safety Regulator delays, constrained insurance markets and inflation as key drivers of the failure.