← Tolent Construction in the failures register
Lessons learned report
Tolent: three years of losses, one overrunning job, and 8 checks to protect your business
Tolent was one of the North East's best-known builders, founded in 1989 and turning over nearly £200 million a year. On 13 February 2023 it went into administration. 270 people lost their jobs that day, and its unsecured creditors, owed about £46.7 million, are not expected to get anything back.
The numbers
- Turnover in its last accounts
- £195.5m
- Staff when it failed
- 356
- Owed to unsecured creditors
- £46.7m
- Expected back for unsecured creditors
- Nothing
Turnover in 2021
Staff when it failed; 270 made redundant on day one
More figures are in the full report.
What's inside
- •How one £85m scheme in Durham overran by £10m
- •The three years of losses you could read in its accounts
- •What happens to a contractor in January when cash is already tight
- •8 checks to make before you work for a main contractor
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Sources
- Joint Administrators' statement of proposals for Tolent Construction Limited and other Tolent companies, Interpath Advisory, filed at Companies House 13 April 2023
- Tolent Construction Limited annual report and consolidated accounts for the year to 31 December 2021, filed at Companies House 6 July 2022
- Payment practices reports for Tolent Construction Limited, Check Payment Practices (GOV.UK), including January to June 2022
This report is for education and is based on the public sources listed. It is not legal or financial advice about any company or contract.