Failed Burdens owes £63m to trade creditors

Aaron Morby 11 years ago
Share

Trade creditors of failed civils and drainage products supplier Burdens will learn today what chance they have of clawing back some of the £63m owed to them.

The collapse of Burdens group has hit a huge swathe of the industry’s suppliers and manufacturers with some firms owed more than £4m.

According to administrators Duff & Phelps, WTB Trading, formerly Burdens, owes £63m to 1,684 unsecured creditors.

In the firm’s latest report, Duffy & Phelps expects there to be a shortfall of £28.8m for trade creditors after recouping debts and selling assets.

Secured creditors Lloyds Bank and GE Commercial Finance will be paid a total of £21m.

The creditors meeting at 11am today at the Place Hotel in Manchester will see administrators update creditors on progress raising funds and ask creditors to agree a partial repayment plan.

Burdens operated several companies and had stakes in many more, which has created a complex web of intercompany debt and interests.

WTB Trading’s big creditors

  • ACO Technologies  £1.9m
  • CPM Group  £2.7m
  • Cemex UK £1.3m
  • Marshalls £4.2m
  • Naylor Drainage £1.2m
  • Polypipe Civils £3.6m
  • Polypipe Building Products £1.0m
  • Saint Gobain Pam UK £4.6m
  • Tensar Int £1.1m
  • Viking Johnson £1.0m
  • Wavin £2.8m

The losses come despite Wolseley acquiring 22 Burdens’ branches in November for £18.5m.

Burdens traded from 38 depots prior to its collapse and turnover £280m.

Latest news

Plan in for £3bn Lincolnshire mega data centre

3.3m sq ft Humber Tech Park will be one of Europe's largest data centres
23 hours ago

Green light for Digbeth 1,300 homes scheme

Warner’s Fields scheme to start with excavation and landscaping of the River Rea
23 hours ago

Flagship biodiversity net gain scheme flawed

NAO warns Government's flagship green development scheme at risk of failure
22 hours ago

£210m M3 Junction 9 upgrade gains consent

VolkerFitzpatrick to start work in early 2025 on Winnall roundabout, near Winchester
23 hours ago

United Living wins 14-year L&Q homes repairs deal

Trafford housing upkeep deal worth £205m
23 hours ago

£400m Lewisham resi-led scheme advances

Land deal paves way for Amro Partners' 1,000-home London scheme
23 hours ago

McLaren gets go-ahead for Grade II listed Leeds student scheme

Springfield House to be revamped and two new wings added
23 hours ago

Piling giant to fit people alarms on all rigs

Cementation Skanska upgrades site safety systems
24 hours ago

Vistry to make £800m profit after subcontractor cost cuts

House builder bullish about shareholder returns after asking suppliers for discounts
2 days ago

Shareholders approve £2.5bn Barratt and Redrow merger

Final hurdle is for the competition regulator to approve the deal.
2 days ago

Green light for £80m Leith waterfront revamp

Build-to-rent homes and student accommodation scheme to be built
2 days ago

Tilbury Douglas clears Interserve legacy jobs to return to profit

Revenue tops £500m in first year as standalone contractor
3 days ago

Land deal paves way for Manchester civil service office hub

Government buys five acres at former Central Retail Park
2 days ago

Speller Metcalfe wins Wolverhampton library upgrade

Full works are due to start in the autumn
2 days ago

Skills shortage puts big infrastructure projects at risk

Government failing as an intelligent client and now over-reliant on consultancies
3 days ago

Contractors face further insulation board price hikes

Cost of PIR insulation boards set to rise another 10%
3 days ago

Henry Boot wins £36m Rotherham Markets job

Project involves upgrading existing market and building a new library
3 days ago

Keltbray hires new head of infrastructure procurement

Lukasz Olszewski will oversee rail, energy and highways business units
3 days ago

Tunnel fit out robot to revolutionise civils work

Costain and VVB Engineering part of innovative consortium
3 days ago

Funding deal for £86m wind turbine test centre

Latest investment at National Renewable Energy Centre in Blyth
4 days ago

Plan in for Manchester ‘upside-down’ 18-storey tower

Landmark cantilevered NXQ building plan for city Northern Quarter
4 days ago

London 25km Super Sewer hooked up for commissioning

Tideway completes connection to existing Lee Tunnel sewer system
4 days ago

£200m Lincoln ring-road approved

North Hykeham Relief Road granted planning permission
4 days ago

£1bn Manchester Airport City plan rebooted as new sci-tech hub

Plan pivots from offices to science and manufacturing campus, called MIX Manchester
5 days ago

Record results at maintenance specialist Renew

Infrastructure maintenance work continues to pay off for contractor
4 days ago

Barhale lands £21m shaft scheme for Thames Water

Civils specialist bags latest upgrade deal on Thames Water Ring Main
4 days ago

Caddick names new north east director

Former Laing O'Rourke project lead joins Yorkshire contractor
4 days ago

Mount Anvil wins London Camden estate rebuild

Deverloper wins £133m Bacton Phase 2 development in Gospel Oak
5 days ago

London Met Uni seeks firm for £280m estate upgrade

A single partner contractor will deliver 10-year building upgrade plan
5 days ago

Top 30 M&E contractors set for growth – ranking

Growth in data centres and commercial refits creates optimism for year ahead
5 days ago

Contractor services