‘We tried and we tried and we very nearly got there’: Osborne’s finance chief on the company’s collapse – and lessons the industry can learn

By Dave Rogers2025-03-31T06:10:00

A year ago, the contractor went into administration after nearly 60 years in business. Pete Duff tells Dave Rogers what happened and what needs to change

For a while, getting on for two years ago now, it seemed like a lot of firms were going bust, one after the other.

Looking back, the run started when Henry Construction, a £400m turnover business which specialised in residential work, sank in early June 2003.

Its demise was confirmed on a blazing hot day, the sort that makes people think life feels good. A few months later, it was followed by Buckingham, a contractor whose work on the Fulham and Liverpool football stadium rebuilds meant its collapse made national headlines. After Buckingham went, London M&E specialist MJ Lonsdale went down, seemingly out of the blue, just a few weeks later at the start of October. Another shock.

Already registered? Login here

To continue enjoying Building.co.uk, sign up for free guest access

Existing subscriber? LOGIN

Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.

Limited access to building.co.uk
Breaking industry news as it happens
Breaking, daily and weekly e-newsletters

Get your free guest access SIGN UP TODAY

Subscribe now for unlimited access

Subscribe to Building today and you will benefit from:

Unlimited access to all stories including expert analysis and comment from industry leaders
Our league tables, cost models and economics data
Our online archive of over 10,000 articles
Building magazine digital editions
Building magazine print editions
Printed/digital supplements

Subscribe now for unlimited access.

View our subscription options and join our community