A UK construction company is facing risk of liquidation after their most recent accounts show they have a huge £2 million in debts.

The Oxfordshire based firm, Gravel Rock Limited, held a meeting of creditors on Friday, July 10 to decide whether the business should be liquidated.

The outcome is yet to be uploaded by The Gazette.

The company worked on complex construction contracts worth up to £75 million, according to the Oxford Mail.

Projects included overseeing the development of 246 apartments, 26 townhouses and a new public realm called Ashford Riverside Park.

The firm has been in business for nearly nine years, with Companies House stating it was incorporated on October 20, 2017.

The latest accounts for the business are dated to March 31, 2024 and it states creditors falling due within one year of £2,000,427, a significant decrease from the year before of £17,430,987.

Gravel Rock is part of the GRE Capital Group.

The latest account also states: "The financial performance of the company during the year ended 31 March 2025 resulted in a loss of £28,770, due to remedial works and customer care costs that were not passed onto Ashford Riverside Park."

The firm's risk of liquidation comes as many other companies in the industry are also struggling financially.

On June 18, Kingscroft Construction Limited, based in Staffordshire, with 35 years experience plunged into liquidation.

Before entering liquidation, Kingscroft Construction provided building restorations, complete new build work and building extensions in Stafford, Cannock, Wolverhampton and the surrounding areas.