Taz Rashid and Rehan Ahmed, managing directors of business advisory firm Quantuma, were appointed joint administrators of Dako Construction on 20th January 2023.
Dako Construction was established in 2018 by managing director Assan Hussain and operations director Jabar Amjid. It reported a turnover of £15m according to accounts filed in October 2022.
Dako specialised in creating office and retail spaces, and the residential and student sectors. Recently 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 had 30 staff. The business has ceased trading with immediate effect, with the loss of all jobs.
Joint administrator 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.”