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Commercial Property News
Business property contractor enters administration
Commercial property contractor Banner Holdings has entered into administration, it has been reported.
The company designed the Colchester Arts Centre, which is said to have been involved in a number of disputes.
The contactor's chief executive Peter Elston revealed the disagreement over the business property has cost millions of pounds.
An independent adjudicator ruled earlier this year that Banner Holdings would no longer be permitted to work on the Colchester project.
Staff at the company are thought to have lost their jobs during financial difficulties encountered in recent years.
In 2009 it recorded a £159,000 pre-tax profit, but later that year noted pre-tax losses of £2.8 million.
The contractor announced in February this year it had started work on two school projects in Nottingham.
Refurbishment work was due to be carried out at one, while a new school building was contracted to be built at the second development.
Posted by Suzannah Taylor
The company designed the Colchester Arts Centre, which is said to have been involved in a number of disputes.
The contactor's chief executive Peter Elston revealed the disagreement over the business property has cost millions of pounds.
An independent adjudicator ruled earlier this year that Banner Holdings would no longer be permitted to work on the Colchester project.
Staff at the company are thought to have lost their jobs during financial difficulties encountered in recent years.
In 2009 it recorded a £159,000 pre-tax profit, but later that year noted pre-tax losses of £2.8 million.
The contractor announced in February this year it had started work on two school projects in Nottingham.
Refurbishment work was due to be carried out at one, while a new school building was contracted to be built at the second development.
Posted by Suzannah Taylor
Tue, 15th Jun 2010