Leeds-based firm ceases to trade after ‘liquidity pressures’
Contractor Torsion Construction Ltd has entered administration.
The firm, which was based in Leeds and specialised in housing and living sector projects, has ceased to trade, with James Clark and Howard Smith of Interpath appointed as joint administrators.
Interpath said the majority of the £164m-turnover firm’s 115 staff have been made redundant with a small number retained in the short term to help the administrators. Interpath said Torson Construction “had been experiencing liquidity pressures as it tackled delayed capital events, contract margin pressure, and rising input costs, and a wider downturn in the market”.
The administration only relates to Torsion Construction Limited, with all other companies in the Torsion Group, including Torsion Care, Torsion Projects, Torsion Homes and Torsion Developments, continuing to operate as normal.
Clark, managing director at Interpath and joint administrator of Torsion Construction Limited, said: “Torsion Construction has faced many of the immense challenges that have confronted leadership teams right across the sector.
“Despite its efforts to find a sustainable solution and protect its clients from those pressures, the business’ liquidity ran out of road. With regret, Torsion Construction could not continue in its current form and was left with no other option but to cease trading. We have a team providing the appropriate information and support to staff as we work through an orderly wind down of operations.”
Torsion Group has been approached for comment.
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