GB Building collapse costs subcontractors £39m
Hundreds of subcontractors hit by the collapse of the GB Group are owed £39m.
And administrators at BDO have conceded that trade suppliers are unlikely to see a penny of their cash
The Enquirer has seen the administrator’s report in the wake of the firm’s failure in early March.
It makes grim reading for subcontractors owed money for work on more than 40 former GB sites across the country.
GB Group and GB Building Solutions crashed owing more than £100m in total.
That figure includes £30m to unsecured trade creditors and a further £9m held in retentions.
The companies also owed £18m to performance bond underwriters with the balance made up of inter-company debts and cross indemnities.
BDO experts believe their will not be enough money raised from the company assets to pay the £6.75m it owes to Lloyds Bank.
The report warns: “Therefore, we do not believe there will be any other money available to unsecured creditors of the companies.”
The collapse of GB has already claimed a number of victims among trade contractors.
Stockport based pre-cast specialist SCC fell into administration after it lost out on a £1m payment from GB on its Leeds Hilton projects.
Leeds based civil engineer McFadden Construction was also forced into administration following a £700,000 loss on the same GB job.
Continue ReadingMears care Ashford rated good overall and outstanding in caring by CQC
Mears care Ashford ranked as good and outstanding by CQC Posted via Industry Today. Are you into it? Follow us on Twitter @IndustryToday Continue ReadingPick up a leaflet and video dog will follow you
Battersea Dogs & Cats Home has run an innovative outdoor ad campaign that uses radio frequency ID (RFID) tags to give the impression a dog is following you around Westfield Stratford shopping centre. Continue ReadingIlluminating Class Changes at Chatham Special Needs Academy
Bradfields Academy, based at Chatham, Kent, has just installed a new ‘child-friendly’ class change system to help the smooth running of the school. Posted via Industry Today. Are you into it? Follow us on Twitter @IndustryToday Continue ReadingLiverpool Uni £90m student village approved
The University of Liverpool has gained planning permission for a £90m student accommodation scheme at its Greenbank halls.
The job, which will be run by the University of Liverpool Construction Company Special Projects team, involves building new halls of residence, demolishing old ones and refurbishing Derby Hall.
Its in-house construction team was formed at the time of the collapse of student accommodation specialist Ocon to finish a major student hall project at the university.
The latest student village scheme will deliver 1,370 new or refurbished rooms in total and include a two-storey sports hall.
It forms part of a £250m masterplan by the university to build and upgrade accommodation at its city and Mossley Hill base.
New housing blocks are to be set around three landscaped courtyards and will rise to 5-8 storeys.
The site contains a mix of buildings including Greenbank House, the Grade II* listed former home of the Rathbones, founding members of the University of Liverpool and Derby Old Court, the first hall of residence on the site.
The project team also includes quantity surveyor Gleeds, WYG on mechanical and Electrical engineering, Sutcliffes for structural engineering and RLF as construction manager.
The planning approval has been approved subject to a section 106 agreement.
Continue Reading