The business, which operates as an employee-owned entity and boasts a turnover of £700m, formally issued a notice to file for intent, thereby initiating a 10-day period to manage its creditors.
This strategic decision was precipitated by a significant reconfiguration of the main board approximately two weeks prior. This reconfiguration was necessitated by the departure of Mr. Ian McSeveney, the Group Managing Director, who, after a commendable 17-year tenure with the company, resigned due to long-term health considerations.
Mr. Simon Walkley, having previously held the position of Deputy Group Managing Director for a span of two years, has been appointed as Mr. McSeveney’s successor.
In the financial statements for the fiscal year 2021, the company reported a pre-tax loss nearing £11m. This financial setback can be attributed to unforeseen expenditures on a major stadium initiative, which is believed to be associated with the Riverside stand at Fulham FC’s Craven Cottage.
Mr. Mike Kempley, the esteemed Chairman of Buckingham during that fiscal period, expressed optimism regarding the company’s financial trajectory. He projected stable sales for the fiscal year 2022 and anticipated a revenue escalation in 2023, potentially reaching a benchmark of £725m, buoyed by a robust order pipeline.
In a noteworthy development in September 2021, the company transitioned to an employee ownership trust model, marking its stature as the most significant contractor to adopt this structure.
Concurrently, the company witnessed the retirement of its founding directors, Mr. Paul Wheeler and Ms. Patricia Wheeler. Additionally, Mr. Kevin Underwood, the long-serving Group Stadia Director, also concluded his tenure on the board.
Tracing its origins to 1987, the company has consistently expanded its portfolio, with a predominant focus on rail and stadium projects. In recent times, it has also ventured into the domain of warehouse and logistics infrastructure development.
As of the present, the company is a significant employer, with a dedicated team of over 600 professionals.”