{"id":31376,"date":"2025-07-16T20:12:45","date_gmt":"2025-07-17T03:12:45","guid":{"rendered":"https:\/\/essential.construction\/news\/elements-europe-went-down-owing-supply-chain-8-7m\/"},"modified":"2025-07-16T20:12:45","modified_gmt":"2025-07-17T03:12:45","slug":"elements-europe-went-down-owing-supply-chain-8-7m","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/elements-europe-went-down-owing-supply-chain-8-7m\/","title":{"rendered":"Elements Europe went down owing supply chain \u00a38.7m"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-499696\">\n\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p>A report by administrators Interpath reveals the scale of debt and losses at the business.<\/p>\n<p>Elements Europe also owed \u00a371.8m to its majority South Korean owner GS Engineering &amp; Construction (GS) who invested in the firm in 2020.<\/p>\n<p>Interpath said: \u201cThe company remained solvent only as a result of unsecured shareholder loans provided by GS totalling \u00a371.8m\u201d<\/p>\n<p>Elements Europe accounts show it lost \u00a316.5m in 2023 and \u00a341.2m in 2024.<\/p>\n<p>A further loss of \u00a322.9m was incurred in the four months to the end of April this year.<\/p>\n<p>The mounting losses were primarily blamed on a disastrous move into main contracting in 2021 on two construction projects.<\/p>\n<p>These were a 23-storey hotel and office tower project at East Road near Old Street roundabout in London, and a 550-home build-to-rent scheme at Camp Hill in Birmingham.<\/p>\n<div id=\"attachment_499700\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Screenshot-2025-07-16-at-12.35.50.png\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-499700 size-full\" src=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Screenshot-2025-07-16-at-12.35.50.png\" alt=\"-\" width=\"1194\" height=\"924\"><\/a><\/p>\n<p class=\"wp-caption-text\">East Road hotel and office job in London, one of two jobs that proved to be the once-promising offsite firm\u2019s downfall<\/p>\n<\/div>\n<p>Interpath said the losses were mainly due to \u201ccost overruns and water ingress defects on various projects.\u201d<\/p>\n<p>The stalled Hackney site has now been sold to GS\u2019s real estate division for \u00a3100,000.<\/p>\n<p>More than 200 suppliers and subcontractors have been left holding unpaid invoices with Interpath \u201cuncertain\u201d if they will receive a penny for their debts.<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n<div class=\"author-info\">\n<div class=\"sleeve\">\n<div class=\"author-avatar\">\n<div class=\"sleeve\">\n\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/userphoto\/3.jpg\" alt=\"Grant Prior\" width=\"150\" height=\"150\" class=\"photo\">\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p><!-- .author-info -->\t\t\t<\/footer>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.constructionenquirer.com\/2025\/07\/16\/elements-europe-went-down-owing-supply-chain-8-7m\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] A report by administrators Interpath reveals the scale of debt and losses at the business. Elements Europe also owed &#8230; <a title=\"Elements Europe went down owing supply chain \u00a38.7m\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/elements-europe-went-down-owing-supply-chain-8-7m\/\" aria-label=\"Read more about Elements Europe went down owing supply chain \u00a38.7m\">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-31376","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\/31376","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=31376"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/31376\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=31376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=31376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=31376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}