Dan Whelan
Only a fraction of the £6m that debtors owe the collapsed construction firm has been realised to date, and its administrators say the outlook for unsecured creditors owed £7.5m is “unclear”.
Warrington-based Cruden Construction collapsed last year with total debts of £19m as a result of “cashflow pressures due to losses on several contracts exacerbated by additional cost outlays due to Covid-19”, according to administrator KPMG.
Cruden’s most realistic prospect of repaying creditors is to claw back money it is owed by debtors, but so far only £6,300 has been recovered, according to KPMG’s latest report.
The report states that Cruden’s debtor ledger is its “main asset” but that the majority of debts owed to the company do not fall due for another 12 to 18 months.
Fiddler s Ferry Power Station THIS year has seen Warrington’s industrial landscape and economy changed forever. Several historic firms and iconic employers in the town were permanently closed in 2020, whether as a result of the effects of the coronavirus pandemic or other factors. Here, we have taken a look back at some of the big names we have lost over the past 12 months.
Fiddler’s Ferry For decades, Fiddler’s Ferry Power Station has towered over western parts of Warrington. But the landscape will soon look a lot different, as the coal-fired plant closed in March after nearly 50 years in operation.
Dan Whelan
As we near the end of another tough year for construction firms, join Stuart Stead, head of construction and property at accountancy firm Cowgills, and Ben Fearns, managing director of developer Novo Property Group, as they discuss the biggest issues facing the industry and what can be done to improve the outlook for medium-sized contractors in an increasingly competitive market.
Much like 2019, this year has seen a number of high-profile firms forced to call in administrators as cashflow problems, exacerbated by the Covid-19 lockdown, made it impossible for them to continue trading.
Guests on this
Place North West podcast, hosted by Dan Whelan and sponsored by Hargreaves Contracting, discuss what the industry needs to do to prevent more firms going the same way as the likes of Cruden Construction and Harry Fairclough.