{"id":13416,"date":"2023-02-22T05:58:20","date_gmt":"2023-02-22T13:58:20","guid":{"rendered":"https:\/\/essential.construction\/news\/administrators-take-control-at-metnor-construction\/"},"modified":"2023-02-22T05:58:25","modified_gmt":"2023-02-22T13:58:25","slug":"administrators-take-control-at-metnor-construction","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/administrators-take-control-at-metnor-construction\/","title":{"rendered":"Administrators take control at Metnor Construction"},"content":{"rendered":"

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Specialist business advisory firm FRP were appointed as administrators yesterday at the Newcastle-based contractor which was founded in 2002.<\/p>\n

Metnor worked across the UK as a main contractor in sectors including residential, healthcare, student accommodation, hotel, leisure and commercial.<\/p>\n

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FRP said the business suffered significant financial challenges in recent months because of contract losses and the immense pressure on profit margins from rising input, labour and raw material prices and supply issues against fixed-price contracts.<\/p>\n

The administrators will now focus on winding down the business, realising assets and engaging with creditors.<\/p>\n

Steve Ross, Partner at FRP and Joint Administrator, said: \u201cRapid inflation is causing havoc on the profit margins of businesses across the economy.<\/p>\n

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\u201cMetnor Construction was a long-established and major main North East building contractor that has delivered on significant projects across the UK but wasn\u2019t immune to the impact of rising costs, which ultimately led to its insolvency.<\/p>\n

\u201cRegrettably, the business is unable to continue trading and sustain the workforce. We\u2019re working with impacted staff to make applications to the Redundancy Payments Services and maximise recoveries from the assets.\u201d<\/p>\n

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