Tolent supply chain hit for at least £46.7m

Grant Prior 5 months ago
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Subcontractors and suppliers have been hit for at least £46.7m following the collapse of North East contractor Tolent in February.

An update from administrator Interpath Advisory said unsecured creditors are unlikely to receive a penny for their now worthless invoices.

Tolent had been in business since 1989 and was working on 16 live contracts employing 356 staff when it went down.

The firm had a turnover of £195m in 2021 racking-up a pre-tax loss of £4m.

Interpath said its demise was mainly due to problems on its biggest ever contract – the £85m Milburngate scheme in Durham which was hit by £10m in cost overruns.

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