Financial

Suppliers owed around £13m by Lakehouse Contracts Limited will have to wait for the outcome of investigations into the failed firm to find out how much they will recover, according to an administrators’ report. The sale of a maintenance company with assets of £3.6m for £1 and the recovery of…

Kier major shareholder Woodford Equity Income has suspended trading to stop investors withdrawing their money. In a statement last night, the fund – which owns 20 per cent of Kier shares – said it would “suspend the issue, cancellation, sale, redemption and transfer of shares”. The fund, overseen by Neil…

Bowmer and Kirkland’s cash reserves have increased by almost a third to £408.6m; up from the £315.5m recorded in the previous financial year. New accounts for the year ending 31 August 2018 showed pre-tax profit for the contractor and developer fell from £64.4m to £54.5m as revenue increased from £928.3m to…

Cladding specialist Face Facades collapsed due to late payment, the firm’s liquidators have revealed. The company, registered as Facade and Cladding Engineering Limited, stopped trading on Monday of last week when administrators CVR Global took over. A statement from CVR Global partner Steve Ramsbottom said: “The business was experiencing cash…

Carillion's collapse cost Helical a further £4.4m in development losses last year, according to its annual report, when it was forced to replace the contractor on the Bartholomew Square scheme (pictured). The project was stalled for weeks following Carillion's collapse, which had already cost the developer £8m for the year…

Facade specialist Kaicer has reported a pre-tax margin of 4.1 per cent in its first year of trading. The company was launched in November 2017 by Mark Davey, who acquired part of his previous company Lakesmere after it went into administration the previous month. Accounts for the year ending 28…

Keltbray’s pre-tax profit was down 23.7 per cent to £17.8m for the year ending 31 October 2018, compared with £23.4m for the same period the previous year, the business’ 2018 accounts have revealed. Revenue at the firm was down by 7.6 per cent to £399.2m, compared with £417m in 2017.…

NMCN, formerly North Midland Construction, has reported an uplift in its margin after improved performance in the first quarter of the year. Profit for the first three months of 2019 stood at £1.8m on revenue that was up 27 per cent at £94.4m. This left the company with a margin…

Durkan has promoted former finance director Ronan Murphy to the role of chief executive. The contractor made the announcement as it announced its operating profit was up from £8.6m to £10.8m in its year-end results to 30 November 2018. The CN100 firm reported its annual turnover was £165m, up £24m…

Paragon Interiors' unsecured creditors must wait for Notts County Football Club to be sold before finding out how much money they can recover, administrators' proposals have revealed. The report from administrators at Leonard Curtis have revealed Paragon Interiors collapsed in February owing £14.1m to its creditors. Unsecured creditors, mainly suppliers…