Real Contracting Group went under just two years after being set up
A partnerships housing firm created two years ago by the former boss of residential at Wates has gone into liquidation owing more than 拢8m.
Paul Nicholls founded Real Contracting Group in 2021 from the South-west and South-east divisions of contractor Rydon and had aimed to grow the firm to be a 拢300m-a-year turnover builder within five years.
But the firm went into liquidation earlier this month and a liquidator鈥檚 report said the business owed 拢8.5m at the time of its appointment last week.
The firm owed 拢8.4m to Rydon Regeneration and close to 拢114,000 to a recruitment business.
Subsidiary Real SW, which covered the South-west market and which went into liquidation earlier this month, was owed 拢30,000. A liquidator鈥檚 report for this business shows it owed 拢17.4m.
No explanation in either report is given for why the firms sank.
Real Contracting Group liquidator Cowgills has also been appointed to oversee the administration of Real LSE, the other regional subsidiary of the business.
Real LSE, which covered London and the South East, was the smaller but more profitable of the subsidiaries, posting 拢1.46m profit on 拢19.3m income in its results for the year to February 2022.
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