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Stephens and Stephens Group, an award-winning developer based in Cornwall, has proactively closed a division of its company structure, following action from national supplier Travis Perkins.
Last month, Stephens and Stephens Group completed a proactive restructuring process, ensuring a robust and positive future for its 141-strong workforce, from headquarters staff to contractors. This also means that an unfortunate wind-up notice as a result of action from Travis Perkins does not affect the Cornish company’s success going forward.
This strategic move enhances efficiency and focuses the company’s efforts on its six current live sites and numerous future developments. Despite facing unprecedented challenges such as Covid, Brexit and soaring construction costs, Stephens and Stephens has demonstrated significant resilience and success, securing over £147 million in investments over the past seven years for its luxury housing projects.
Founder Paul Stephens said: “As everyone who is either working in, or investing in, the UK development and construction sector knows, the past few years have altered our industry workings in unrecognisable ways. As a company, and as a team, we are very proud that Stephens and Stephens Group bucked the Covid trend by not just growing, but by blossoming, through the pandemic. Yet, despite this, we like everyone else, have faced undeniable challenges as every single cost sky-rockets, and as suppliers and sub-contractors continually change operational terms, conditions and processes in so many unthinkable, and deeply-affecting ways.
“Rather than be defeated by these issues, as a Board, we have reworked our company, safeguarding each development on individual basis, in turn ensuring we safeguard our customers and our investors at all times. This route also means we can provide safety to our direct sub-contractor base along with our key trade sponsors and suppliers.”
On Travis Perkins, Stephens said: “Travis Perkins did take us to court, but for over 15 months, Travis Perkins have been dismissing our agreed purchase orders and invoicing us for much higher amounts. Rather than meet our continual requests for a meeting about our contested invoices, they have taken the route of taking us to court, which has meant we have had to close Stephens and Stephens Developers Ltd.”
The company’s rearrangement of Stephens and Stephens Group construction activities into specialised, standalone entities underlines a steadfast commitment to safeguarding jobs and ensuring the financial stability of its employees, subcontractors, and trade accounts. Stephens and Stephens Developers Ltd was one division of the larger company and the restructuring means that the closure of this division does not affect the greater business, the ongoing developments or the 141-strong team.
This restructuring not only solidifies the company’s foundation but also promises a continuation of support without disruption, guaranteeing a strong and promising future for all involved.
