Company that built Sir Frederick Gibberd College made losses of £20 million in eight months
Education / Mon 21st Aug 2023 at 01:02pm
THE CONTRACTOR behind the building of Sir Frederick Gibberd College made losses of more than £20m in just 18 months, it has emerged reports Construction Enquirer.
A document filed with Companies House in April 2022 revealed that Caledonian Modular, the offsite construction specialist was £11.2m in the red in the year to 31 March 2021 and made a further deficit of £10.7m in the following six months.
The administrators’ report said the firm had been affected by material price rises and delays caused by the coronavirus pandemic. It also suffered losses “as a result of quality issues on legacy contracts, which required ongoing remediation”, said the document.
“Combined, these factors had a significant adverse impact on both margins and the company’s liquidity position.”
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How did they ever get close to contract with a government dept ? If in a private company someone didn’t do due diligence they would be fired !!!!