Hard hats at the ready.
Failed building firm owes creditors £3.6m
Published: 19 January, 2011
HULL: Building firm Quibell & Sons owes £3.6m to its creditors. As many as 150 firms in the Hull area will be left out of pocket following the collapse of the company late last year, reports the Enquirer.
Mark Loftus of administrators PricewaterhouseCoopers said that Quibell and Sons had been making losses for a several years. Quibell and Sons established 135 years ago formed a key part of the failed Quibell Construction Group.
A local contractor told the Enquirer: "Many local firms have been shut out of large contracts by the likes of Quibell, Connaught and Rok who were obsessed with chasing turnover rather than profit.
"The question is how many quality, well-organised and financially sound companies are the likes of Quibell going to take down?"
"Bidding work just to keep busy and keep employees working is financial suicide for everybody concerned," he said.