Administrator of London high-rise specialist says collapsed firm had ‘numerous bank accounts’

The administrator of collapsed London high-rise builder Henry Construction Projects has shed more light on the administration’s progress, revealing it has been speaking to solicitors as part of its investigations.

The £400m turnover firm sank into administration last June after weeks of speculation about the health of the contractor.

In an update, FRP Advisory said its “investigations into what assets the company has” have included “recover[ing] further books and records from various professional advisors” as well as “recover[ing] further statements and information relating to the company’s numerous bank accounts”.

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Henry collapsed last summer, owing firms more than £43m

FRP said that during the period covering its latest report, which runs for the six months to 7 June this year, it has also “conducted interviews of key individuals (and are arranging interviews of further key individuals) in order to obtain further information concerning the company’s assets, affairs and dealings including in relation to specific transactions and events”.

It said it has also “conducted enquiries with a number of suppliers to the company to gain a better understanding of the company’s operations”.

And it added it has “liaised with solicitors to consider the findings of our investigations and to identify any potential recovery actions.

“We have sought advice from solicitors in relation to the specific matters arising as a consequence of the above investigations into the company’s affairs. The findings of our investigations, the merits of potential claims and the likely benefit to the estate will be carefully considered with the assistance of our solicitors.”

Earlier this year, FRP said it took four months to download the firm’s electronic records and criticised Henry’s record keeping.

In its latest update, FRP said preferential creditors, which FRP said were Henry’s former employees, were owed around £90,000 with this figure expected to be paid in full.

HMRC has a “potential claim” of around £1m while unsecured creditors have been told they might get some money back although the final amount is not yet known.

Henry collapsed owing dozens of firms a total of more than £43m with eight firms each owed more than £1m.

In its last set of accounts, Henry Construction Projects posted an improved turnover of £402m in the year to June 2021.

The figure was up 7% on the previous 12 months with pre-tax profit during the period up 8% to £14m.

As well as high-rise, the firm also carried out civils, groundworks and reinforced concrete work.