Construction firm owed £4.3m when it was placed in administration
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A Liverpool construction firm that was placed into administration in June this year owed £4.3m to its subcontractors and suppliers.
According to an update by administrators, MB Insolvency, Nobles Construction also owed staff approximately £126,000 in holiday pay and pension contributions.
The statement of affairs published by MB Insolvency said the company’s assets stood at around £3m at the time of its collapse, including £2.7m owed by clients for work and retentions.
The firm, based in Wavertree, was founded in 1995. It had a £25m turnover, and employed around 60 staff.
It had been impacted by the coronavirus pandemic and had been refused a Coronavirus Business Interruption Loan (CBILS) of between £50,000-£100,000 which it needed to bring back furloughed staff and resume trading, despite having two major contracts.
The group was also involved in a payment dispute with a client after the scheme had stalled in February this year.
Nobles was claiming payment for work it had carried out, but the developer argued the builder was responsible for on-site delays.
The business worked in a range of sectors including commercial, education, ecclesiastical, healthcare, heritage and listed buildings, industrial and transport, leisure, residential and retail.
Its contracts included work for Liverpool Mutual Homes, Bluecoat School in Liverpool, Royal Albert Dock, the city’s Epstein Theatre, and a £1.5m contract to deliver the full fit out of Liverpool FC’s souvenir store in the Liverpool One retail centre.