West firm owed £2.5m

Last month Plymouth’s URBN Construction went bust owing 182 creditors a total of £2.5 million. William Telford of Plymouth Live reported: “URBN Construction left just £44,400 in assets, but was faced with claims totalling more than £2.5m for money owed. Even the taxman, HM Revenue and Customs, will not receive the full £345,687 it is due, despite being a preferential creditor. And 20 former employees are unlikely to see any of the £65,262 that is owed to them.”
Ian Carrotte of ICSM said that around 2,000 building firms had collapsed since 2019 and the start of the Covid-19 crisis.

Plymouth Live said creditors included Burrington Estates (New Homes) Ltd, owed £51,462, while MEP Systems Ltd, based in Estover, Plymouth, was owed £159,523, Plymouth’s YGS Landscapes Ltd is £37,669 out of pocket, Westcountry Fabrication Ltd were taken for £87,333.Others included Exeter’s System Six Kitchens are owed £119,338, Pavilion Construction Ltd, in Newton Abbot, lost £93,179, builders merchants RGB Holdings Ltd, were hit with a £59.135 loss, and Ashburton’s Devon Tarmasters (SW) Ltd was owed £33,943.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk