The scale of the company\u2019s debts have been revealed in an update by administrator Interpath who took control in November.<\/p>\n
The administrator\u2019s proposals\u00a0 for Merit Holdings state it is \u201chighly unlikely\u201d unsecured creditors will receive a penny for their outstanding invoices.<\/p>\n
Merit employed 284 staff at the time of administration who were all made redundant.<\/p>\n
Latest accounts for the Northumberland based firm show a turnover of \u00a379.7m for the year to June 30 2025 generating a pre-tax profit of \u00a34.3m.<\/p>\n
Merit was founded by former Chief Executive Officer Tony Wells.<\/p>\n
The report states that a \u201csubstantial disposal of assets\u201d was agreed post-administration to a \u201cconnected party\u201d called Merit Industrialised Construction Ltd for \u00a3396,000.<\/p>\n
Companies House records show Merit Holdings directors Kirsty Wells, Matthew McGrady and David Wilkinson were also directors of newly-formed Merit Industrialised Construction Ltd at the time of the purchase.<\/p>\n
Kirsty Wells also set up two other new companies in November called Blaze Technology and Newco MHL Ltd.<\/p>\n<\/p><\/div>\n
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