GCP-backed Killby & Gayford goes into administration

The construction company was acquired from 3i in 2007, in a secondary management buyout backed by GCP (then Close Brothers Growth Capital).

GCP reportedly invested £13.35m and continued to hold its minority stake in the 152-year-old company, which has refurbished No 10 and the Wallace Collection art gallery, among other landmarks.

Cuts to the government's capital programme and uncertainty around financing have been blamed for the demise of the construction industry.

Killby & Gayford has landed contracts until recently but reportedly struggled to pay subcontractors.

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