About 100 jobs have been lost after the construction group carrying out major works in Woolwich for Greenwich Council went into administration on Tuesday.
Geoffrey Osborne Limited, based in Reigate, Surrey, blamed “economic headwinds” since the pandemic for its collapse, the Building website reported.
The company – which is said to have built over £10 billion of schools, hospitals and homes over the past 60 years – had hoped to find a buyer and had already started the process of putting its subsidiaries in administration.
It began work in Woolwich last September after being appointed by Greenwich Council to revamp Powis Street and Beresford Square with £17 million of government cash from the Future High Streets Fund.
Building reported that Osborne had been unable to switch its contracts to new companies before it went under. Greenwich Council has said work will restart on site as soon as possible.
Greenwich will be among a number of councils and public bodies hit by Osborne’s collapse. Its past projects include the construction of the Princess Diana Memorial Fountain in Hyde Park and the refurbishment of Hackney Town Hall.
The Woolwich project involves “refreshing” Powis Street, according to the council, with its bollards removed and new paving, seating, planting, play spaces and lighting installed.
Beresford Square, Woolwich’s traditional marketplace, is undergoing its second revamp in 15 years as part of the project. The square, which has been fenced off since September, will be partially landscaped with an interactive water fountain, new lighting, seating and a pavilion for community events. It was last refurbished in the run-up to the London Olympics.
The construction industry has been hit hard by the effects of the pandemic, Brexit and public sector spending cuts. Last year work ground to a halt on Pocket Living’s development of flats in Charlton after Bromley-based Claritas went into administration. Work restarted last month under a new builder, Legendre UK.
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