Page 8 - How Not To Cook The Books Article

In 2001, the company made a loss of £880,000 but turned the business
around in a dramatic reversal of fortunes.

By June 2003, it unveiled profits of more than £2 million, with turnover
up 27 per cent to break through the £100 million barrier.

But 2004 saw the construction industry falter forcing Wrekin to undertake
an ambitious restructuring strategy under the control of a new managing
director, John Worthington who restructured the business into three new

divisions:

Wrekin Construction, which included civil engineering,
regeneration and design and build;

Wrekin Utilities, which involved work with water
companies, gas supplies and
telecommunications; and
Wrekin Rail

By September 2006, the Wrekin Group announced it had turned a £1.7
million loss the previous year into a £1.7 million profit.

Mr Worthington said prospects for the firm were “very encouraging” with
a workload totalling £120 million secured to March 31 2007 against a

budget of £138 million.

Further evidence that the company was back on its feet was a significant
investment in its own headquarters at Lamledge Lane, Shifnal where it
opened a new, purpose-designed and built training centre.

Company founder Tom Frain was at the official opening and said he
was proud of the new facility which would help tackle the problem of a
shortage of skilled workers in the industry.

His son, Dr Simon Frain, then chairman, said the centre would ensure

the Wrekin workforce was training to the highest standards.

But less than a month later, the company said it was being forced to cut
jobs to preserve its “long-term future”. More than 25 posts were axed,
mostly office staff at Shifnal.