so ..... basically they're bust - - - continued

[V8Druid]

FCA fines former Carillion directors

The Financial Conduct Authority has fined two former finance directors for their part in misleading statements being issued by Carillion.

www.theconstructionindex.co.uk

" Eight years after the collapse of the publicly listed construction company Carillion in January 2018, sanctions are still being imposed and individuals deemed complicit in the failure. ........ Richard Adam has been fined £232,800 and Zafar Khan £138,900. "

 

[V8Druid]

summat don't 'smell' right here ??

‘Buns to guns’ tycoon rescues Thurston

Modular building manufacturer Thurston Group has been rapidly rescued from administration.

www.theconstructionindex.co.uk

 

[V8Druid]

watch this space in about 18 months or so's time ....... they rarely last much longer ..

Henry Boot deal completes

The sale of Henry Boot Construction to a management buyout completed on New Year’s Eve.

www.theconstructionindex.co.uk

" Henry Boot announced back in September that it had agreed the sale to PWC Construction, which is a corporate vehicle set up and owned by Henry Boot Construction’s managing director Lee Powell and commercial director Chris Weathers. "

Henry Boot cost our local LA (us in other words), Mon. CC £10m in consultants and legal fees about 15 years ago, when they backed out of a deal in Aber. to develop a 4.25 acre site, which Morrisons eventually stole for pocket change (in comparison) ... were virtually 'given' the site in a face saving exercise by MCC

 

[TiltyShaun]

summat don't 'smell' right here ??

‘Buns to guns’ tycoon rescues Thurston

Modular building manufacturer Thurston Group has been rapidly rescued from administration.

www.theconstructionindex.co.uk

These deals are often done behind doors as the contractor has had conversations when trying to sell itself or raise finance. The pre pack element is the result. The purchaser is interested in acquiring the business but it has all ready failed by racking up so much debt. The pre pack generally is there to save jobs. The purchaser still pays for the assets but doesn’t pick up the liability. The cost of the administration is reduced.
The reason they sell is it looks like the original debtors are out of pocket. If no pre pack was done they would generally be out of pocket as administrators don’t usually have any funds to continue trading……which means a going concern is not viable when your employees take whatever they can when they realize the is about to hit the fan!!

 

[Brendan]

CPCS Operators | Caldwell gone pop | Facebook

Caldwell gone pop ?? 500 men out of work? Machines on fire yesterday ?? No wages paid ?? Unsure how true

www.facebook.com

Machines set on fire

 

[V8Druid]

 

[Lancs Lad]

View attachment 78988

Ferk their vans were a common site round here on the new builds. I know January is famous for going pop but this one feels bad.

 

[V8Druid]

Ferk their vans were a common site round here on the new builds. I know January is famous for going pop but this one feels bad.

looks like a cream off job -- £2m in divis paid out ... 500 staff down to 49

 

[Lancs Lad]

worth a read

Cairngorm Capital is back. And by "back," I mean another company has collapsed under their watch. This time it's Consumer Energy Solutions in Wales. Another 300 staff members are wondering what… | Dmitrijs Sakelis | 28 comments

Cairngorm Capital is back. And by "back," I mean another company has collapsed under their watch. This time it's Consumer Energy Solutions in Wales. Another 300 staff members are wondering what the f**k just happened. Sales advisors, project planners, heating and insulation staff... all out...

www.linkedin.com

 

[V8Druid]

worth a read

Cairngorm Capital is back. And by "back," I mean another company has collapsed under their watch. This time it's Consumer Energy Solutions in Wales. Another 300 staff members are wondering what… | Dmitrijs Sakelis | 28 comments

Cairngorm Capital is back. And by "back," I mean another company has collapsed under their watch. This time it's Consumer Energy Solutions in Wales. Another 300 staff members are wondering what the f**k just happened. Sales advisors, project planners, heating and insulation staff... all out...

www.linkedin.com

like I said above - a cream off job

 

[V8Druid]

and here's the next pot of cream for these bar stewards to start ladling out of

Government launches £15bn Warm Homes Plan

The government has set out its plans to reduce energy bills for five million homes. But can industry deliver?

www.theconstructionindex.co.uk

 

[V8Druid]

but ........... https://www.building.co.uk/focus/th... will there be an industry left to deliver it

 

[V8Druid]

and the next .......

Facades firm FK Group took £5.5m hit in last set of accounts

£100m turnover firm filed notice of intent to appoint administrator earlier this week

www.building.co.uk

" £100m turnover firm filed notice of intent to appoint administrator earlier this week "

 

[V8Druid]

this stinks of a cream off / major fiddle

Hundreds of jobs lost as major Welsh employer enters administration

Workers at Consumer Energy Solutions, which has sites in Swansea and the Rhondda, were told their jobs were at risk just days before Christmas

www.walesonline.co.uk

parent co. continuing to trade whilst burying the grant revenue generating arms of the group ..... wonder how much they've creamed off

prime candidates above for a better look at too

MPs recommend Serious Fraud Office investigates insulation scandal

It was not just incompetence but also widespread fraud that left more than 30,000 homes with defects, MPs believe.

www.theconstructionindex.co.uk

MPs’ report says SFO should look into government retrofit debacle that left thousands of homes needing repairs

Public Accounts Committee chair says 'sheer level' of fiasco means investigation has to begin

www.building.co.uk

" Installations worth 1.75% of the scheme value have been identified as fraudulent by Ofgem, but given the high levels of non-compliance in the scheme, the PAC suspects the true level of fraud to be much higher. "

" Committee chair Sir Geoffrey Clifton-Brown said: “I have served on the public accounts committee for 12 years. In all that time, a 98% failure rate in a public sector initiative amounts to the most catastrophic fiasco that I have seen on this committee.

"Indeed, our report finds the project was doomed to failure from the start. Government behaved inexplicably in redesigning a similar scheme which was working reasonably well into a highly-complex number of organisations with siloed responsibilities, which did not respond to failures anything like quickly enough to prevent damage being done to people’s homes.

“Potentially thousands of people are now living with health and safety risks in their homes, and despite government’s protestations we have nowhere near enough assurance that they are not financially exposed to unaffordable bills to repair the defective works.

"All involved in the system must now move at far greater pace to make good. The public’s confidence will have rightly been shaken in retrofit schemes given what has happened, and government now has a self-inflicted job of work on its hands to restore faith in the action required to bring down bills and reduce emissions.

“Finally – this committee’s remit is financial scrutiny. We are not a law enforcement body. The sheer levels of non-compliance found here make it clear to us that these matters should be referred to the Serious Fraud Office, and our report recommends as such.” "

bodes really well for the latest scheme's incarnation, " the Warm Homes Plan " then - doesn't it ?

Industry welcomes government’s £15bn Warm Homes Plan but warns of skills shortages

Experts say more focus is needed on skills to ensure quality of work

www.building.co.uk

" Experts say more focus is needed on skills to ensure quality of work
Experts from across the built environment have welcomed the government’s £15bn Warm Homes Plan but warned that the programme will not succeed without a skilled workforce.
Long-awaited plans to provide households across the country with solar panels and heat pumps were announced by the Ministry of Housing, Communities and Local Government on Tuesday evening. "

 

[V8Druid]

https://www.building.co.uk/news/hou... offsite business after failing to find buyer

before it goes tits up ?

 

[V8Druid]

and another debt write off manoeuvre

New offsite firm emerges out of Merit collapse

Company called Merit Industrialised Construction began trading earlier this month

www.building.co.uk

 

[Lancs Lad]

Headlam group. One of Biggest flooring wholesalers.... redundancies today...trying to stave off the inevitable..? 600m turnover

 

[V8Druid]

so how can this outfit continue to justify trading, making losses of " £36.9m before tax for the 16 month period to 30th April 2025 on turnover of £784.7m and. Previous accounts, for the year to December 2023, showed a pre-tax loss of £25.4m on turnover of £826.1m. " other than by trading on other people's money

https://www.theconstructionindex.co.uk/news/view/jrl-reviews-operations-after-losses-widen

every 'arm' of the business is 'failing' and in debt !! reliant on ppl not pulling the plug, basically but how many 'small fish' have they finished off in the process
no way are they ever going to make up/recoup the losses ........ just a question of time

 

[V8Druid]

Severfield shuts modular business

Structural steelwork contractor Severfield is closing its Modular Solutions.

www.theconstructionindex.co.uk

" Severfield Modular Solutions (SMS) was incorporated in 2018. Its accounts for the year to March 2025 showed turnover growth of 12% to £24.1m with rising interest from the renewable energy and data centre sectors. Operating profit was up 154% to £368,000, with pre-tax profit of £180,000. "

0.7% pre tax profit - what a joke

 

[V8Druid]

so how can this outfit continue to justify trading, making losses of " £36.9m before tax for the 16 month period to 30th April 2025 on turnover of £784.7m and. Previous accounts, for the year to December 2023, showed a pre-tax loss of £25.4m on turnover of £826.1m. " other than by trading on other people's money

https://www.theconstructionindex.co.uk/news/view/jrl-reviews-operations-after-losses-widen

every 'arm' of the business is 'failing' and in debt !! reliant on ppl not pulling the plug, basically but how many 'small fish' have they finished off in the process
no way are they ever going to make up/recoup the losses ........ just a question of time

JRL begins strategic review of business after firm racks up third successive set of losses

Cumulative losses over period hit £132m with contractor and Malaysian co-owner starting review 'to identify any underperforming units'

www.building.co.uk