James Stares and Jeff Brenner, Licensed Insolvency Practitioners at our London office, have been appointed Joint Administrators of Curo Construction Limited, the London building and fit-out contractor, together with subsidiary Curo Interiors and holding company Curo Group Holdings. This company administration appointment follows a ruling at an insolvency hearing on 17 June 2026, in which the court approved administration as the route most likely to deliver a better outcome for creditors than compulsory liquidation, as reported by Construction News.
In this article, we look at how Curo arrived at this point, why the court chose company administration over compulsory liquidation, and what happens next for creditors, subcontractors and employees. Nitin Joshi, Partner at Antony Batty & Company, also sets out the wider pattern behind construction sector insolvencies, from retentions and supplier credit to the incoming Commercial Payments Bill.
About this construction company administration
Founded in 2013, Curo built a reputation in the London and South East refurbishment and fit-out market, working across commercial offices, heritage schemes, industrial projects, data centres and film studios, with individual project values typically ranging from £2m to £80m. Its best-known job was the Shinfield Studios development near Reading.
The company’s most recent filed accounts, for the year to September 2024, showed turnover falling from £157m to £108m following completion of the Shinfield contract and delays to the start of new projects. Pre-tax profit fell from £3.2m to £1.2m over the same period, while cash reserves dropped from £22m to £11m. At the time, directors pointed to roughly £150m of turnover already secured for 2025 and set out plans for further growth, including expansion into northern England.
Why administration rather than liquidation? Better return to creditors versus nothing
The judge found that Curo Construction and Curo Interiors were balance-sheet insolvent, and that Curo Group Holdings was insolvent by virtue of its dependency on the value of Curo Construction.
On the evidence presented, the estimated outcome statement showed a significantly better return to creditors compared with nil return under compulsory liquidation, a difference the court regarded as decisive.
Our appointment as administrators
As administrators, James Stares and Jeff Brenner have taken control of Curo Construction, Curo Interiors and Curo Group Holdings with the objective of achieving the best outcome for creditors as a whole.
Under Schedule B1 of the Insolvency Act 1986, the options available in company administration include rescuing the company as a going concern, selling all or part of the business, or otherwise achieving a better result for creditors than would be likely in an immediate liquidation. As is usual on appointment, an automatic moratorium now applies, pausing most creditor enforcement action and court proceedings against the companies without the court’s permission.
Given the narrow window identified by the court for working through client accounts, contracts and pay-less notices, the priority in the initial stages of this administration will be exactly that: establishing the financial position, engaging with clients and subcontractors, and protecting recoveries for creditors.
Nitin Joshi, Partner at Antony Batty & Company, commented:
“Having dealt with hundreds of corporate insolvencies in the building and construction sector, it boils down to two main factors: retentions and the management of suppliers and tax liabilities.
Standard forms of contract such as the Joint Contracts Tribunal (JCT) have historically worked well, and Technology and Construction Court data shows claimants secure a positive outcome in around 80% of construction adjudications, with enforcement accounting for over 70% of cases.
But late payment remains a major problem across the sector. A 2020 government consultation found late payment was an issue for 88% of respondents, and more than 40% of construction companies incorporated within the last five years have been wound up, with unpaid bills a significant contributory factor.
Businesses have tried various ways of protecting retention funds, from trust arrangements to escrow and other ring-fencing methods, but it remains a complex area, particularly once a subcontractor becomes insolvent. The £11 billion a year retention issue is now being addressed by the Commercial Payments Bill, which will change how contracts and disputes are managed. After a two-year transition, all retention clauses will become null and void.
On every construction insolvency we see, tax has been mismanaged somewhere along the line. It is critical that directors act quickly rather than letting tax debt build up, because by the time it has accumulated, the opportunity for a Time to Pay arrangement, and the chance to restructure, has often gone.
Material suppliers are also tightening their trade accounts and credit facilities, often backed by personal guarantees. A large contractor can have several hundred suppliers, and managing those relationships through periods of sporadic cash flow is a real challenge. We can help.
Construction law in this area is complex, and we always advise businesses to take expert legal advice. We work with a number of specialist firms and are happy to make a referral.”
Antony Batty & Company: experienced company administration practitioners
This construction administration appointment forms part of our ongoing administration casework across a range of sectors. It follows last month’s appointment of Antony Batty partners as Joint Administrators of BIOHM Limited, the London biotech business known for its mycelium-based building materials.
The two cases differ considerably in sector and circumstances, but together they reflect our continued, active involvement in complex administration work, from intellectual property and secured creditor questions through to the contractual and retention issues that characterise construction insolvency.
Find out more about company administration
If you are a director, creditor, subcontractor or professional adviser dealing with a business in financial difficulty, our team of Licensed Insolvency Practitioners is available to help. We offer a free initial consultation and can advise on the full range of options, from company administration and Company Voluntary Arrangements to Creditors’ Voluntary Liquidations.
Contact us today for a confidential, no-obligation discussion. We have offices in London, Bournemouth, Brentwood, Mill Hill, Salisbury and Thames Valley.
Likely questions from those connected to Curo Construction
I am owed money by Curo Construction. What happens now?
You will be contacted by the administrators in due course with a proof of debt form and details of the creditors’ process. Unless you hold a registered charge or retention of title over goods, you are likely to rank as an unsecured creditor.
I issued a pay-less notice after the winding-up petition was presented. Does that still stand?
The administrators will be reviewing pay-less notices issued in the period leading up to the appointment as part of establishing the companies’ financial position and working through client accounts and underlying contracts. You do not need to take any action ahead of being contacted.
I am a supplier owed money for goods or services. Where do I stand?
You will generally rank as an unsecured creditor. No immediate action is required until you receive formal correspondence from us.
