Subbies and suppliers owed £18.7m by WRW – Construction Enquirer

Administrators from Grant Thornton have revealed the scale of the company’s debts in a report filed at Companies House.

Unsecured creditors are owed £18.7m and a loan company called ThinCats is owed £10m.

WRW employed 100 staff before its collapse in July who are owed £257,000.

Hundreds of suppliers are listed in the documents as creditors and Grant Thornton said they are unlikely to receive anything beyond an £800,000 pot of realised assets to cover the debts.

Delayed projects hit cashflow at WRW in late 2019 which was exacerbated by the pandemic and a reduction in the firm’s trade credit insurance.

Revenues fell by up to 60% on pre-pandemic levels and the firm was hit by weather damage to a roof on a major project in late 2020.

The final straw for the business was losing an adjudication case in July which led to WRW going into administration.

Grant Prior

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