Unsecured claims against the collapsed Stowe-based builder are expected to reach £322.9m, and its administrators say a payout to those creditors is unlikely.
Creditors of Buckingham Group Contracting, the builder that collapsed in September 2023, are now expected to claim £322.92 million. Its administrators say there is unlikely to be any payment to those unsecured creditors.
The figures are in the administrators’ latest progress report, filed at Companies House on 9 October. It covers the six months to 3 September 2026, the third anniversary of the collapse.
The company traded from Blackpit Farm at Stowe, about three miles north-west of Buckingham and around 16 miles from Aylesbury. It went into administration on 4 September 2023.
What the report says
The directors’ statement of affairs listed 1,292 unsecured creditors owed £112.8 million. Three years on, the claims are far higher.
- Claims received so far total £308 million.
- A further 711 creditors have yet to claim. The statement of affairs put their debts at £35.87 million.
- That brings the total expected unsecured claims to £322.92 million.
The administrators say they will not examine or agree those claims in detail unless it becomes clear there will be a payout. They have made a formal statement under paragraph 52(1) of Schedule B1 to the Insolvency Act 1986. It says the company has insufficient property to make a distribution to unsecured creditors.
The report’s planned exit is dissolution of the company, because “it is unlikely that there will be sufficient funds to make a distribution to unsecured creditors”.
Who has been paid
Not everyone is left with nothing. The report sets out three groups of creditors:
| Creditor | Claim | What has happened |
|---|---|---|
| Former staff (ordinary preferential) | £803,829 | Paid in full on 5 September 2025 |
| HMRC (secondary preferential) | £22.14 million | A payment is expected, but the amount is uncertain |
| Unsecured creditors | £322.92 million expected | A dividend is unlikely |
The size of HMRC’s payment depends on how much the administrators can still collect from the company’s former customers.
The report also says former employees have brought claims for protective awards. These are tribunal claims that can arise when staff are made redundant without proper consultation. The tribunals are still in progress, and any awards would add to the unsecured claims.
The money still being chased
The company was owed money on construction contracts when it failed. The administrators’ 2023 proposals put the book value of those debts, work in progress and retentions at about £147 million, across around 325 contracts.
No book debts were recovered in the latest six months. The report says:
- the claim against the largest debtor “continues to progress slowly”, and is waiting for the building to be finished and a final account agreed
- a separate administrator is pursuing Swindon Borough Council over the Southern Connector Road north of Swindon, and the council maintains that no money is due
- debtors have put in claims for delays, extra completion costs and defects, which makes it impossible to estimate recoveries yet
Since 2023 the administration has taken in £35.31 million and paid out £21.59 million. At the end of the period, £8.67 million was held on deposit.
What the administration has cost
The administrators, from Grant Thornton, are paid on the time they spend. The report puts their time costs to date at £3.44 million and expenses at £5.90 million.
- £2.64 million has been paid towards their fees so far.
- The approved fees estimate is £4.04 million.
- They expect to draw a further £1.40 million from the estate.
The company still retains three employees, two helping with debt collection and one providing IT support. The report says the administrators’ investigations have found “no matters identified for further investigation”.
How the company failed
Buckingham Group was a Tier 1 building and infrastructure contractor, founded in 1987. When it went into administration it had 669 employees, with offices in Birmingham, Doncaster, London and Manchester as well as Stowe. Its six divisions were rail, civils, major projects including HS2, demolition, build, and sports and leisure.
The 2023 proposals blame losses on sports and leisure contracts hit by inflation and on a key civils and build project, along with contract delays. The company’s invoice finance was cut to nil in July 2023. HMRC turned down a further time-to-pay arrangement in August 2023.
On the day of the administration, the rail division and some HS2 contracts were sold to Kier Integrated Services. The administrators said that sale saved 180 jobs. No buyer was found for the rest of the business.
The administration has been extended to 4 September 2027. The next report to creditors is due by 3 April 2027.
What it means for you
- If you are owed money and have not claimed, the report says 711 creditors have still not put in a claim. Information on how to claim is on Grant Thornton’s creditor portal. A paper copy of the report can be requested by emailing CMUsupport@uk.gt.com.
- Do not expect a quick payment. The administrators say a dividend to unsecured creditors is unlikely, and they will only check claims in detail if that changes.
- Watch for scams. The report warns that a genuine administrator will never ask a creditor, directly or through anyone else, for an upfront fee or tax to release a payment.
- Former staff with a tribunal claim should note the administrators expect to report on the protective award claims in their next report.
Other business news from around Buckingham and Aylesbury is on our news page.
Sources
- Buckingham Group Contracting Limited (company 02181671), Companies House filing history
- Joint administrators’ progress report for 4 March 2026 to 3 September 2026, signed 29 September 2026 and filed 9 October 2026 (form AM10)
- Joint administrators’ statement of proposals, signed 25 September 2023 and filed 4 October 2023 (form AM03)
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