Maury_Povich
Active member
Shame to see Tolent in admin according to the Gazette.
What has happened there?
What has happened there?
Tolent in Administration
- Thread starter Maury_Povich
- Start date
muniz
Well-known member
lost their **** over the last 2 account years, then the durham mulburn gate project ballsed it up and lost their **** again and cannot maintain cashflow to survive
Marineboysmoggy
Active member
It cost about£180m i belive.
Very sad news indeed.
I was working for a Tolent subcontactor last year - the Tolent guys were really great to work with. They took a real interest in our archaeology work. Some had been with them for many years. Feel very sorry for them.
Norman_Conquest
Well-known member
It certainly won't have helped but the price of materials has risen across the world.
Tryasize10
Well-known member
Metnor up in Newcastle going / gone same way apparently.
There has been a lot of construction companies going into administration across the country over the past few years. They work on tiny margins and one bad project can do for them. It's known throughout the industry that there are major issues.
There has been a lot of construction companies going into administration across the country over the past few years. They work on tiny margins and one bad project can do for them. It's known throughout the industry that there are major issues.
Marineboysmoggy
Active member
Metnor were part of Tolent group apparently.
Billy69_uk
Well-known member
its in the North so no one cares, least of all our local MP's who are quick to attach themselves to anything resembling good news, but disappear into the ether when any bad news hits the streets.
NorthumberlandBoro
Well-known member
Good news...
www.gazettelive.co.uk
Tolent Teesside jobs to be saved as rescue deal secured with ex-workers
Tolent collapsed into administration last week but Brims hopes to save all of the Teesside team and operations
www.gazettelive.co.uk
muniz
Well-known member
yep they owe my work 80k+ even if you had credit insurance most insurers pulled this about 18 months ago
and you only usually get 6 months grace period on any liabilities they already owe when its pulled and ours was a retention thats not due for a few more months
HarryVegas
Well-known member
I worked for Metnor back in the 80s, they were a horrible company back then.
muniz
Well-known member
thing is you can make plenty of money doing that as often when you price with no margin you still can make money by getting better prices for services and materials etc, we have done it plenty of times in the past. it might look on paper that its estimated to break even but in your normal rates you estimate there is still scope to do something.
tolent were horrible company to work for as sub contractor, they would try to achieve the margins by screwing over their sub contractors on any additional payments they were entitled to for variations instead of beating the no margin a fair way, then couple in fact that most people on the durham job already screwed themselves over by agreeing contracts to do the work then with covid when places closed down materials and prices went through the roof, which even worse when you have no scope to cover the price rises in your contracts.
muniz
Well-known member
what can they do? they certainly should not be buying or bailing tolent out, start bailing all the private companies out and this will happen far more in future. they already bail everyones owed wages out
if there is a good company there that has just been badly managed then a competitor will usually step in and try to absorb the good parts of it like brims have, if no ones willing then that is usually a telling sign its not worth it