Managing directors, Taz Rashid and Rehan Ahmed from business advisory firm, Quantuma, were appointed joint administrators of the business Dako Construction Limited on 20 January 2023.
Dako Construction was established in 2018 and reported a turnover of £15m according to accounts filed in October 2022. The business specialised in creating high quality office and retail spaces, and high-quality living space in the residential and student sectors. Recent completed projects include the construction of residential properties in Bristol and Nottingham for Study Inn and special works at Staffordshire University.
The business operated from a single site in Colwick Quays Business Park, Nottingham and employed 30 members of staff. The business has ceased trading with immediate effect, with the loss of all jobs.
Joint administrator and Quantuma managing director, Taz Rashid said:
“It is deeply regrettable that Dako Construction has been forced to cease trading, due to a series of what are all too familiar circumstances.
A combination of extremely difficult trading conditions, supply chain challenges arising from the protracted exit from the COVID pandemic in the Far East and significant cashflow challenges exacerbated by a series of late payments has seen the business unable to meet its liabilities.
The joint administrator’s immediate priorities have been to provide appropriate support to those whose roles have been affected and to work with a third party to assess the outstanding projects with a view to novating where viable to do so.
