ISG administrator finds just £35m to pay down £1.1bn debtISG administrators have warned they will only recover £35m from cash and assets out of the rubble left behind from the collapse of the £2.2bn turnover contractor.
It means there will be no cash for trade contractors owed at least £308m.
The group is now confirmed to have sunk with total debts of £1.1bn, much of this from complex…
Redesign needed on Colas “bridge to nowhere”Technical issues on the delayed A46 Stoneleigh Junction have forced a design change to try and get the job finished.
Main contractor Colas-Siac joint venture was awarded the £38m scheme in 202o by Warwickshire County Council in 2020 with an original completion date of Summer 2022.
But the job has been hit by problems leaving the “bridge to…
Skanska UK shakes-up boardroom teamSkanska has promoted four directors to the main UK group board as two others step down in the reshuffle.
The top-level promotions strengthen the leadership team as board vice presidents Thomas Faulkner and Swati Paul step down and leave Skanska.
Faulkner was responsible for Cementation Skanska, HS2 and infrastructure, while Paul had responsibility for legal,…
Ultra rich clamour for Mace super prime resi schemeLuxury developer Caudwell has topped out its landmark 1 Mayfair scheme in west London with a waiting list of 600 centi-millionaires and billionaires registered as potential buyers
Mace is main contractor on the £2bn scheme where prices for the 24 “principal residences” start at £35m.
Construction began in 2020 with full completion…
Barratt sets start date for High Barnet station schemeBarratt London and Places for London have set a construction start date for a major site in High Barnet.
Work will get underway in 2026 to deliver 300 new homes alongside small-scale commercial uses at the High Barnet station site.
It is the latest scheme to be unlocked by the West London Partnership, which was established in June 2024 with a…
Investors lose £26m after M&E contractor goes underAdministrators to air-conditioning specialist Gallant Building Services have unearthed a mountain of debts following the collapse of the Mansfield-based contractor.
Now it has emerged that 78 investors in the business have lost £26m, after being encouraged to back the £29m turnover contractor on the strength of directors claiming a long-term…
First contractor call for £80bn Government mega-frameworkThe government is putting contractors on alert for a construction framework worth up to £80bn.
A contract notice is due to be published in January and the Crown Commercial Service said “the buyer is not yet ready to invite bid applications but early notification has been provided and some dialogue may be possible.”
Contractors…
£1bn Bishopsgate Goodsyard phase one go-aheadBallymore and Hammerson have received final approval from the London Mayor’s office for the first phase of the £1bn Bishops Goodsyard scheme on the fringe of the Square Mile.
The 10-acre site, which represents the last major brownfield site around the City, will ultimately be built out in a series of 9 plots.
The full plans will provide 500 homes,…
Welding crisis road bridges revealedHighways England has confirmed the names and locations of the five bridges hit by the Severfield steel welding crisis.
Specialist weld tests have been carried out on four of the five with the last tests presently underway.
The roads agency said its assessment indicated no immediate safety risk to road users, although National Highways has imposed restrictions…
Costain poised for major HS2 tunnel fit out dealCostain is understood to have landed a major tunnel fit-out deal on HS2.
Sources close to the project said confirmation of the award is imminent.
Earlier this week HS2 handed-out £3bn of track contracts with Ferrovial BAM and Colas Rail among the big winners.
A project source told the Enquirer: “The tunnel fit-out deal is another major packag…