Administrators called in at Surrey construction firm Geoffrey Osborne

Geoffrey Osborne has gone into administration following an 18-month battle to save the firm.

Insolvency specialists from RSM have laid off 100 staff – all of whom have been paid for the month – with only a handful staying on to assist with the administration process.

Over the past year, the Surrey firm has offloaded its property management arm, £200 million infrastructure division and offsite subsidiary Innovaré in efforts to stay afloat.

But this latest week has shown it hasn’t been enough to save the core business.

Andrew Osborne has chaired the firm since 2012. His father Geoffrey started the eponymous business in Chichester back in 1966.

“This is a sad day and one we worked very hard to avoid”, said Andrew.

“I’m sorry for our staff, who are the greatest strength of our business, and thank them for their work over many years.

“Appointing administrators is a last resort after a determined effort to trade through the economic headwinds and deliver for customers.

“The management team will now work with the administrators on the next steps for the business.”

Damian Webb, joint administrator, added: “Regrettably, despite the substantive efforts of the Osborne team, it’s not been possible to rescue the business.

“This failure is attributable to the macroeconomic challenges the company has faced since Covid and the consequent loss of confidence in the sector from investors and funders.”