Tolent gone into Administration?



HerdnMulhall said:
Straight through the main tele-comms cable then serving the London Stock Exchange. The Exchange was out for the day, Colin was out of a job and the major construction company who's name may have rhymed with Pigs and Pills folded virtually overnight. Damages were colossal.
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I once looked a UKPN contract to divert every service under Oxford St in London. The risk profile was ridiculous- and then they wondered why nobody bid it.
 
HerdnMulhall said:
I don't know how many subbies and main-contractors I saw go under. Multi million pound concerns. Firms established for centuries and then just one job, one major cock-up. Had a senior site agent on one job, let's call him Colin. Utter bull-shitter. Thought bull shit baffled brains. Got him moved on and the very big company of the time then put him on a site next to Lloyds of London. Colin, hearing that the piling rig had hit an obstruction went full bore and pressed on without looking at the survey of the known underground services. Straight through the main tele-comms cable then serving the London Stock Exchange. The Exchange was out for the day, Colin was out of a job and the major construction company who's name may have rhymed with Pigs and Pills folded virtually overnight. Damages were colossal. Like you say massive risk and tiny margins. Heard it described more than once as penniless prosperity. One big firm I worked for, you posted you had a drink with the regional director a month or so ago, the Estimating dept reckoned they took a tenth of their budget and would expect to win one in ten bids. When they did the first thing they asked themselves was have we just made an enormous cock-up?
And as a subbie- going onto the main - have you, did you ,ever visit the Store St bookshop part of what was, possibly what still is, the London Building Centre? Just up from Tottenham Court tube?
I spent a couple of afternoons there years ago getting a whole load of books about the risks subbies and main contractors take on, cos I was tempted, and afterwards having read what I did I steered a far less spectacular course than your good self. Still ended up with a Rolex and a Juliette balcony mind but such things are of not much interest to me so I gave the watch away to a nephew.

We are miles away in attitude and beliefs but always good to see someone from Sunderland making the best of himself.
So take care. Wish you the best.
Seriously.
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Good post mate
 
Gillythedilf said:
As I climb the ladder and become the main contractor on jobs that run into the millions it Doesn’t surprise me that companies go bust.

Tiny margins ,

Massive risk,

Cost consultants and QS’s playing cat and mouse,

Being liable to Price increases and fluctuations.

Mental penalty clauses/liquidated damages is the job doesn’t go to plan.

The tail trying to Wag the dog where Labour is concerned.
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Penalty clauses (LADS) have to be actual losses therefore they’ll be linked to additional borrowing costs, loss of income, staff time etc…guess it depends on the type of project and whether there is a tenant / lease in place.

My recent experience with contracting is that it’s an utter nightmare. Main contractors telling us they can’t get their supply chain to tender for work and when they do it’s often late, heavily qualified and inevitably massively over the pre-tender estimates.

Project viability is getting to the point where I can’t see projects going ahead. Hope I’m wrong but construction inflation and financing increases are just too high particularly in the north east market.
 
Osklen said:
Penalty clauses (LADS) have to be actual losses therefore they’ll be linked to additional borrowing costs, loss of income, staff time etc…guess it depends on the type of project and whether there is a tenant / lease in place.

My recent experience with contracting is that it’s an utter nightmare. Main contractors telling us they can’t get their supply chain to tender for work and when they do it’s often late, heavily qualified and inevitably massively over the pre-tender estimates.

Project viability is getting to the point where I can’t see projects going ahead. Hope I’m wrong but construction inflation and financing increases are just too high particularly in the north east market.
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That last paragraph is bang on
 
What i find particularly unsavoury is a qs of a huge firm going to war over something trivial with a family firm. Ie means fuck all to him but will cause the latter endless misery.
Its f***ing shit n not all the wealth/fun its cracked up to be (bar our man gilly obvs).
 
Wilfy said:
Looks like that’s took them under, starting to get the people looking for new jobs on LinkedIn now. Poor buggers.
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Aye my mate was the buyer there, only went there last year, thought he was going to be there until retirement.
1.2 mill winding up order I think.
They actually took over one of our jobs after Tolent went spookily, must be jinxed.
 
The contracts that Main Contractors need to sign is mental. Massive, massive risk with very little margin.




The local Builders Merchants, Agencies are struggling like fuck.
 

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