C J Pryor suppliers are owed £17m

Grant Prior 5 months ago
Share

Earth moving specialist C J Pryor went into administration owing subcontractor and suppliers £17m.

Documents seen by the Enquirer reveal the huge scale of debts at C J Pryor (Plant) Limited and C J Pryor (Contracts) Limited.

Both firms were sold to Hargreaves (UK) Services earlier this month after briefly being placed into administration.

Hargreaves paid £2.5m for the companies.

A report by joint administrator FRP Advisory shows unsecured creditors are owed £7.4m by C J Pryor (Plant) and £9.6m by C J Pryor (Contracts).

The report states: “It is currently estimated that there will not be sufficient funds available to make a distribution to the unsecured creditors.”

Scores of creditors are listed on the document and suppliers have been left fuming by their treatment.

The administrator’s report adds: “I am aware that there is a high level of creditor interest regarding the circumstances surrounding the demise of the companies and a number of creditors have already contacted me setting out certain areas of concern.”

One creditor said: “We have been totally shafted and the scale of the debts is shocking.”

Latest results for the period April to October 2016 show C J Pryor Plant and C J Pryor Contracts had a combined turnover of £21.2m and made a net profit of £717,000.

Latest news

Administrators at HOC swamped by creditor claims

Angry suppliers and staff to vent their rage at creditors' meeting next month
2 days ago

Wates wins £30m Cumbria campus

Designs now being worked up for Campus Whitehaven scheme
2 days ago

Government dithers over Hinkley Point decision

Ministers want to "consider carefully" over £18bn scheme despite funding agreement by EDF
2 days ago

Clugston starts hunt for new chief executive

Stephen Martin leaving after 10 years to become director general at the Institute of Directors
2 days ago

Alun Griffiths gets go-ahead for £14.5m roundabout upgrade

Funding agreed to ease congestion in Gloucester
2 days ago

Gary Neville unveils twin towers plan for Manchester

Far East backing could see work start on £200m site next year
3 days ago

Ban for labour supply boss over VAT swindle

Kent labour agency director banned for seven years after cheating HMRC out of £350,000
2 days ago

HMRC smashes £6.9m construction tax fraud

Payroll and labour supply bosses kept tax deducted from workers on major sites
3 days ago

Bid race starts for £400m public health science hub

Bidders day to be held in September for major new Harlow research HQ
3 days ago

QS shortage still holding back construction

RICS survey shows rate of growth slowing as funding fears rise
3 days ago

Balfour plan for 922-home Surrey estate approved

Work expected to start in 2017 on Shearwater estate regeneration
3 days ago

Countryside sales up after post-Brexit cancellation blip

Cancelled homes now reselling at higher prices
3 days ago

Worker killed as platform hits overhead power line

Court hears supervisor electrocuted when platform hit live cable
3 days ago

Go-ahead for £344m London City Airport expansion

Work to create 500 construction jobs on terminal and taxiway upgrade
4 days ago

Arsonists strike at road works site in Surrey

Vandals burn out an excavator and dumper
3 days ago

Workers sent home from Cardy Construction sites

£63m turnover Kent contractor files notice of intent to appoint administrator
5 days ago

Taylor Wimpey reports “business as usual” post Brexit vote

House builder reports "normal" trading patterns after month of analysis in wake of referendum
4 days ago

Drug giant GSK unveils £275m of new construction plans

Major investment plans at trio of sites: Full details
4 days ago

Former finance chiefs at failed Connaught struck off

Stephen Hill and David Wells barred from accountancy profession
4 days ago

Civils contractors warn growth has “ground to a halt”

Government urged to restart boom with infrastructure investment plans
4 days ago

Competition watchdog clears Breedon takeover of Hope

Deal completes on Monday to create largest independent construction materials group
4 days ago

B&K wins Coventry airport £50m warehouse deal

Builder to start in August on three warehouses at Imperial Park distribution hub
4 days ago

Student digs giant Unite commits to £675m pipeline

Student accommodation construction boom continues as Unite eyes London market for bargains
5 days ago

US investor snaps up Morrison Utility Services

£600m turnover contractor bought by investor First Reserve
5 days ago

Lindner wins £25.4m cladding package at Principal Place

Facade work to start on 50-storey resi tower in City of London next year
5 days ago

Go-ahead for Portsmouth prison-to-homes job

Developer City & Country to create 230 homes at HMP Kingston site
5 days ago

£60m expansion plan for Manchester biomedical hub

Construction to start next Spring on latest phase of Citylabs scheme
5 days ago

Labourer crushed under three tonne road roller

Machine slides down steep bank and pins worker beneath it
5 days ago

Arup to work on 21-storey resi tower made of wood

Construction to start next year on world's tallest wooden resi tower in Amsterdam
5 days ago

CITB to fund “Robots for Roofing” research

Drone flying programme one of beneficiaries of latest CITB funding round
6 days ago