Published by Construction Enquirer
BATHROOM POD SPECIALIST OEP GOES INTO ADMINISTRATION
Lancaster based modular construction company OEP Building Services has gone into administration.
Administrators from Dow Schofield Watts are now in charge of the business which specialised in bathroom pods.
OEP Building Services was hoping to reach a turnover of £18m in 2020 but was hit hard by the pandemic and the Enquirer understands that OEP is still in adjudication with its insurance company over a £250,00 business interruption claim following a five-week Covid shutdown.
OEP has also been hit by surging materials prices on its fixed price contracts particularly steel, timber, adhesives, plastics and M&E components which are estimated to have cost the business £600,000 this year.
The company also faced the withdrawal of a major loan facility when its peer-to-peer lender went under and lost £350,000 during the collapse of contractors including CPUK, Marcus Worthington and Cruden.
A sister company of OEP Building Services which manufactures its steel frames has taken 88 employees across under the TUPE regulations