What's Happening?
Assent, a company involved in the Building Safety Regulator's (BSR) Gateway approval process, has ceased trading due to significant financial difficulties. The company, which operates across 48 regional
offices with approximately 70 employees, reported a 58% drop in revenue, leading to a post-tax loss of £331,775 for the year ending December 31, 2023. This financial downturn was exacerbated by Assent's decision not to register as a Registered Building Control Approver (RBCA), which has resulted in delays to several high-risk building projects. The company has sold two of its businesses, Clarke Banks and Xact, to Certania Group to alleviate financial pressure. The BSR is in discussions with Assent regarding the impact on their ongoing registered building control service provision.
Why It's Important?
The cessation of Assent's trading activities poses a significant challenge to the BSR's efforts to clear its backlog of Gateway 2 applications by the end of the year. This backlog affects high-risk building projects, which may now face further delays or need to restart the approval process. The situation highlights the vulnerability of the building safety approval process to financial instability within key participating companies. The sale of Assent's subsidiaries and the ongoing discussions with the BSR underscore the potential for disruption in the building safety sector, which could have broader implications for construction timelines and safety standards.
What's Next?
The BSR is actively engaging with Assent to assess the impact on their registered building control services and the resources provided through the Regulated Building Inspector framework. The outcome of these discussions will be crucial in determining how the BSR will manage the backlog of Gateway 2 applications and ensure continuity in the approval process. Stakeholders in the construction and building safety sectors will be closely monitoring these developments, as they could influence future regulatory and operational strategies.
