{"id":16444,"date":"2023-05-02T10:28:38","date_gmt":"2023-05-02T17:28:38","guid":{"rendered":"https:\/\/essential.construction\/news\/suppliers-owed-5-5m-after-me-contractor-fails\/"},"modified":"2023-05-02T10:28:40","modified_gmt":"2023-05-02T17:28:40","slug":"suppliers-owed-5-5m-after-me-contractor-fails","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/suppliers-owed-5-5m-after-me-contractor-fails\/","title":{"rendered":"Suppliers owed \u00a35.5m after M&amp;E contractor fails"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<p>Hundreds of subcontractors and suppliers were left holding \u00a35.3m in unpaid invoices when M&amp;E contractor Norstead went into administration in February.<\/p>\n<p>An update from administrator FRP advisory Trading has confirmed the scale of debts at the business.<\/p>\n<p>The same administrator is handling the fall-out from the failure of Norstead\u2019s sister business Metnor which sank just days before owing its supply chain \u00a310m.<\/p>\n<p>FRP said Norstead was hit hard by the failure of Metnor, which was its biggest customer, the withdrawal of a major funder and increases in material costs.<\/p>\n<p>Latest accounts for Norstead show it made a net profit of \u00a3133,000 from a turnover of \u00a320.3m in 2021.<\/p>\n<p>The administrator said unsecured creditors could expect some payment for their invoices but it is only expected to be pennies in the pound.<\/p>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.constructionenquirer.com\/2023\/05\/02\/suppliers-owed-5-5m-after-me-contractor-fails\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hundreds of subcontractors and suppliers were left holding \u00a35.3m in unpaid invoices when M&amp;E contractor Norstead went into administration in &#8230; <a title=\"Suppliers owed \u00a35.5m after M&amp;E contractor fails\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/suppliers-owed-5-5m-after-me-contractor-fails\/\" aria-label=\"Read more about Suppliers owed \u00a35.5m after M&amp;E contractor fails\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1089],"tags":[],"class_list":["post-16444","post","type-post","status-publish","format-standard","hentry","category-construction-enquirer","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/16444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=16444"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/16444\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=16444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=16444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=16444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}