--- title: "Raffles hotel and The Ned contractor faces collapse" type: "News" locale: "en" url: "https://longbridge.com/en/news/289574355.md" description: "Ardmore Group, the contractor behind London's Raffles hotel and The Ned, faces collapse after filing for administration due to missed payments. This halts nine active projects across the capital, including a £500m King’s Cross scheme. The move follows significant financial losses, a £42.6m pre-tax loss in 2024, and major legal challenges regarding fire safety remediation costs from developers like Crest Nicholson." datetime: "2026-06-12T09:18:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289574355.md) - [en](https://longbridge.com/en/news/289574355.md) - [zh-HK](https://longbridge.com/zh-HK/news/289574355.md) generator: "portal-rs" --- # Raffles hotel and The Ned contractor faces collapse The building contractor behind the Raffles hotel and The Ned is on the brink of collapse, casting doubt on the future of several construction projects across London. Ardmore Group’s businesses, including its construction and major projects arms, have filed a notice of intention to appoint administrators. The move, revealed in court documents, has left nine active projects in the capital in limbo, ranging from luxury hospitality schemes in the West End to residential towers in east London. Work was halted on those sites on Thursday morning, according to industry publication Construction Enquirer. The notice of intention to appoint administration was reportedly filed after missed payments to staff and subcontractors. The largest of Ardmore’s stalled projects is a £500m scheme with laboratories and housing in King’s Cross, known as Tribeca. It had also been working on high-end hotels in Mayfair and Kensington, flats at Earl’s Court and Hackney Wick, and offices at Chancery Lane. Founded in Catford in 1974 by Irish brothers Cormac and Patrick Byrne, Ardmore is known for its role in building some of London’s best-known hospitality schemes. These include Raffles London, in which Ardmore transformed the historic Old War Office building on Whitehall, near Buckingham Palace, into a luxury five-star hotel. The building, originally completed in 1906, once served as the headquarters for prominent figures including Winston Churchill during World War II. It also delivered The Ned, the lavish hotel and members’ club created at Edwin “Ned” Lutyens’ former Midland Bank headquarters in the City. As part of the project, it converted a sprawling banking hall into several restaurants while restoring its green verdite marble columns, original 1920s walnut banking counters and period chandeliers. One of the building’s most distinctive features, the original bank vault, was turned into a bar and lounge where more than 3,000 restored safety deposit boxes line the walls. Beyond prestige hospitality, Ardmore was also a substantial partner for major housebuilders, constructing high-rise residential blocks across the country for builders including Barratt Redrow, Berkeley and Crest Nicholson. However, scrutiny of apartment blocks that were built before the Grenfell disaster uncovered fire safety deficiencies at multiple buildings that Ardmore had built decades earlier. Last year, Ardmore’s construction arm was put into administration in an attempt to protect the wider business group from being hit by client claims. Despite this, Crest Nicholson won a landmark High Court challenge against the group over remediation costs at its Admiralty Quarter development in Portsmouth, a large waterfront scheme of 19 buildings completed in 2009. It was awarded close to £15m. This paved the way for other builders to pursue claims against Ardmore, including Taylor Wimpey, Bellway and Barratt Redrow. Ardmore recorded a pre-tax loss of £42.6m during the year to September 2024, according to its latest Companies House filings. Ardmore was contacted for comment. ### Related Stocks - [CRST.UK](https://longbridge.com/en/quote/CRST.UK.md) - [BKG.UK](https://longbridge.com/en/quote/BKG.UK.md) - [BWY.UK](https://longbridge.com/en/quote/BWY.UK.md) ## Related News & Research - [09:38 ETFrom Low Cost to High Trust: How China's Hotel Linen Supply Chain Is Changing Global Procurement](https://longbridge.com/en/news/296797082.md) - [Park Plaza owner ‘not distracted’ after sale talks fail](https://longbridge.com/en/news/297135822.md) - [Accor, Al Qimmah Hospitality expand Saudi hotel partnership beyond 4,000 rooms](https://longbridge.com/en/news/296915159.md) - [IHG signs 14-hotel Kyoto conversion deal with GCP Hospitality, adds 1,063 rooms](https://longbridge.com/en/news/296734138.md) - [IHG opens newly built Holiday Inn & Suites Commerce City-Denver Airport hotel near DIA](https://longbridge.com/en/news/297194720.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**