Fairhurst Ward Abbotts, the Stone Federation Member that has worked on some of the country’s most prestigious buildings, including the re-ordering of Leicester Cathedral for the re-burial of the bones of Richard III this year, went into Administration in July.

That might not be the end of the story, however, as there have been hints of a rescue.

The company changed its reporting time from February to August last year and in the 18 months covered by its latest accounts recorded a turnover of more than £70million that produced a pre-tax loss of £1.6million. The loss was attributed to a number of loss-making contracts, the underlying issues of which were said to have been rectified. It was also said to be the result of investment in infrastructure to support future growth.

In the year to February 2013 the company had recorded a turnover of £27.4million and a pre-tax profit of £297,666.

In their ‘strategic report’ in last year’s annual report the Directors said: “In the last few years Fairhurst Ward Abbotts have seen substantial growth, significant inward investment, development of in-house specialist construction skills, weathering of an industry and worldwide recession, resilience to client failures and have instigated our plan for the recovery of our financial position through prudent management.

“We have experienced growth in the last five years when many of our competitors have ceased trading, giving us an average turnover in that time of £38million [a year].”

The Directors’ projection for the year to the end of August this year was for nearly 80% increase in turnover on last year’s annualised equivalent of £47million, taking it to £84million. They said the “majority of this turnover is already secured”.

The company had moved to new head office accommodation in Dover, Kent, during its reporting period. It had six regional offices that it said gave it the framework to control its targeted growth plans for the following three-to-five years. It had also bought its stone yard and production facility in Peterborough.

It has been reported that the closure of the company has cost nearly 250 jobs. It employed 253 people and ‘a handful’ of staff were retained by the Administrators from Begbies Traynor (Central) LLP.

The Administrators said they were called in as a result of Fairhurst Ward Abbotts suffering “severe cash flow difficulties”, made worse when creditors had filed a winding up petition a week earlier.

The company, founded as John Fairhurst & Sons in 1941, was granted the Queen’s Royal Warrant of Appointment in 2000. Its project list included Kensington Palace, Windsor Castle, the V&A Museum, the Houses of Parliament and Ely Cathedral, among many more.

Joint administrators Jamie Taylor and Kirstie Provan report that the directors had been attempting to source new external funding to enable them to continue trading but none had been forthcoming in the timeframe available.