Readie Construction to fall into administration, staff told

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Employees of Readie Construction were seen seeking work on LinkedIn, after being told the firm is headed towards administration

Essex-based contractor Readie Construction is heading to administration, according to a leaked company email.

Multiple staff have been seen seeking new employment on LinkedIn in the last 24 hours.

Chairman Stuart Read attributed the financial failure to “inflationary cost pressures, numerous subcontractor failures and chronic tightening in the performance bond and trade credit insurance markets.”

Readie’s rise was rapid

Founded in 2007, the company saw massive prosperity in the warehouse and logistics sectors, increasing revenue between 2016 and 2020 by almost £100m.

Readie Construction currently employs around 260 staff and most recently reported a turnover of £421m generating a pre-tax profit of £1.73m in 2023.

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