UK contractor 'falls into financial problems'

Posted on 28 February 2008

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An Exeter-based contractor has run into financial difficulties after the works on a shopping complex project overran by £8.5 million, reports claim.

Building.co.uk reported that contractor Michael Thorne Construction has appealed for a creditor agreement to pay back outstanding debts.

Rob Holland, managing director of the firm, was quoted by the site as saying: "Our proposal provides a planned structure to allow time to deal with the issues involved and to begin the process of paying what we owe.

"We are very grateful for the understanding and expressions of support from so many of those business affected, many of which we have been trading with for more than 20 years."

Umbrella groups such as Parasol can help contractors manage their business and financial affairs by taking the hassle out of running a company and carrying out the work.

Meanwhile at the National Housing Maintenance Forum, professor Richard Tomlins discussed ways in which contractors can use practical know how to respond to customer requirements.

Category: Contractor News

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