Another civils contractor in administration

[matchmaker]

WJ Harte. 700 jobs down the pan.

http://www.constructionenquirer.com/2012/01/10/700...

A glance at the last filed accounts is telling. £13k in the bank. Liabilities of £19m. Assets of £10m. On a turnover of £100m.

My feelings are with all affected.

[S2red]

And owed how much?

[matchmaker]

S2red said:

And owed how much?

Therein is I suspect the problem. Too many late payers then the bank pulled the plug.

[Who me ?]

matchmaker said:

S2red said:

And owed how much?

Therein is I suspect the problem. Too many late payers then the bank pulled the plug.

Therein lies the problem - bigger the firm asking for the work to be done -more risk of late payment . Look at the rail industry - few years ago a lot went under -cause the contracting firm with holding( acording to industry rumours) payments . Notable that those firms with workers on a no retainer basis got plenty of work .
Now down south -I wonder if it was because of HS2 -get rid of firms , no more high pay - so workers hired on lower pay etc etc = lower contract costs . One thing forgotten - these blokes might have seen the light .Rail work means losing weekends for money .Once they get used to a weekend socila life on lower wages - takes a lot of uplift to go back to losing weekends . And though the work is lower paid - it's more secure .

[Por911T]

Bas**rds owed us £12k - I hear to some degree that the pheonix is going to rise from the ashes .....