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Builders sent home from 100 Bishopsgate as Dunne Group collapses

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  • 20/07/2016
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Builders sent home from 100 Bishopsgate as Dunne Group collapses
Scotland-based Dunne Group pulled builders from multiple sites yesterday, including a site at 100 Bishopsgate in the heart of the City of London.

The company went into administration yesterday, with FRP Advisory appointed last night to liquidate the firm.

FRG confirmed that 524 of the company’s 540 staff would lose their jobs immediately and reportedly subcontractors will also be hit by the collapse. Dunne Group has worked on major projects including 100 Bishopsgate, the Royal Hospital for Sick Children in Edinburgh and One Blackfriars.

In accounts filed at Companies House, the group revealed turnover of £54.8m for 2014 with a pre-tax profit of £756,000. It had boosted turnover from £37.1m the year before, when it had a pre-tax loss of £476,000.

On the residential side, sales of new-build London homes dropped to their lowest level in three years in Q2.

According to research firm Molior, developers sold about 4,600 new-build homes before completion in the April to June period, which is a 34% drop in 12 months, despite a series of marketing and discounting drives.

The market for new apartments and houses in the capital has been slowing for some time after Stamp Duty on expensive homes increased in late 2014 and after an extra 3% charge was imposed for second homeowners in April.

The Brexit factor has become increasingly important in sales negotiations, confirmed the researcher, which the Royal Institution of Chartered Surveyors also noted pointing to a marked drop in activity.

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