Leading facade specialist M Price Group fell into administration after it lost a claim brought by Barratt Homes for defective cladding installed over 11 years ago.

The Enfield-based contractor was already struggling after Covid loan repayments and soaring costs on fixed-price contracts.

The 143-year-old group made and installed aluminium windows and curtain walling elements for high-rise buildings.

The price of base materials, which typically represents 50% to 70% of the total costs of a project, rose by as much as 200% in just over a year. Simultaneously, labour shortages saw further price increases of around 30%.

This squeezed the firm but the loss of an adjudication for £7.8m relating to the installation of unsafe insulation proved the final straw for the specialist.

A further two claims totalling £6m were stayed at Court, pending the outcome of the adjudication and it faced a further 17 potential claims, conservatively estimated at more than £18m.

This tipped the firm over the edge, according to a creditors report by insolvency specialist Seneca.

As a result of M. Price Limited’s demise, other group companies MPrice Services Limited, MPrice Contracting Limited and MPrice Maintenance Limited, have also now entered liquidation.