In a trading update today, the board of Billington Holdings said that it had 鈥渢aken the prudent approach to make an exceptional provision of approximately 拢1.1m against receivables on a contract the company was undertaking鈥�.
Billington remains in 鈥渋n extensive dialogue鈥� with the developer to complete the project and seek recovery of all outstanding monies.
Neither the project nor the failed main contractor were disclosed but the failed business was placed into administration earlier this year.
Billington chief executive Mark Smith said: "2021 [was] dominated by the continued challenges arising from the pandemic for both Billington and its clients alike. The construction sector has suffered material and labour supply constraints that聽 has affected the cost and timing of projects. However, tendering opportunities continue to remain buoyant and the quality of our pipeline provides confidence for 2022 and beyond."
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