Metnor supply chain debts hit £10m

An update from administrator FRP Advisory Trading Ltd said 468 creditors had been identified so far since the Newcastle-based contractor collapsed in February.

FRP blamed Mentnor’s demise on the withdrawal of a key funder alongside rising costs and loss making contracts.

The administrator said unsecured creditors could expect some payment for their invoices but it only expected to be pennies in the pound.

Latest results for the company show it made  a profit of £1.3m during the year to December 31 2021 from a turnover of £62.6m while shareholder funds stood at £4.6m.

Metnor worked across the UK as a main contractor in sectors including residential, healthcare, student accommodation, hotel, leisure and commercial.

Its sister business M&E contractor Norstead also failed just days after Metnor with an update from administrators expected to be filed at Companies House shortly.





Leave a comment