{"id":610914,"date":"2023-02-23T02:52:24","date_gmt":"2023-02-23T08:52:24","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/23\/metnor-collapse-confirmed-with-80-jobs-lost\/"},"modified":"2023-02-23T02:52:24","modified_gmt":"2023-02-23T08:52:24","slug":"metnor-collapse-confirmed-with-80-jobs-lost","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/23\/metnor-collapse-confirmed-with-80-jobs-lost\/","title":{"rendered":"Metnor collapse confirmed with 80 jobs lost"},"content":{"rendered":"<div id=\"wrapper_sleeve\">\n<p><img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"414\" src=\"https:\/\/cdn.ca.emap.com\/wp-content\/uploads\/sites\/8\/2022\/04\/padlock-insolvency-administration-shutterstock_668283709.jpg\" alt=\"Closed construction site\"  >        <\/p>\n<div>\n<p>Newcastle-based contractor Metnor has entered administration, with 80 staff made redundant.<\/p>\n<p>Steven Ross and Allan Kelly of advisory firm FRP were appointed as joint administrators to the company on Tuesday (21 February).<\/p>\n<p>Metnor <a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/north-east-contractor-set-for-administration-09-02-2023\/\">filed a notice of intent to appoint administrators<\/a> earlier this month, as did its sister firm, M&#038;E specialist Norstead.<\/p>\n<p>The company has worked across a range of sectors including leisure, healthcare and student accommodation, and according to its website worked on jobs ranging up to \u00a350m.<\/p>\n<p>FRP said Metnor had \u201csuffered significant financial challenges\u201d in recent months because of contract losses and \u201cthe immense pressure on profit margins from rising input, labour and raw material prices and supply issues against fixed-price contracts\u201d.<\/p>\n<p>In 2021, the firm was working on a \u00a350m build-to-rent scheme in Birmingham when its client, the High Street Group, <a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/north-east-developer-folds-with-up-to-200m-debt-17-12-2021\/\">went into administration owing up to \u00a3200m to creditors<\/a>.<\/p>\n<p>Metnor\u2019s ongoing work before its collapse included a \u00a317m job as principal contractor on an 8,000 square metre training centre at Cramlington Hospital for Northumbria Healthcare NHS Foundation Trust. The project was due to open in the autumn.<\/p>\n<p>Metnor\u2019s 80 staff were all made redundant before administrators were appointed, when the business also ceased trading. The administrators said they would now focus on winding down the business, realising assets and engaging with creditors.<\/p>\n<p>Ross said: \u201cRapid inflation is causing havoc on the profit margins of businesses across the economy. Metnor Construction was a long-established and major main North East building contractor that has delivered on significant projects across the UK but wasn\u2019t immune to the impact of rising costs, which ultimately led to its insolvency.<\/p>\n<p>\u201cRegrettably, the business is unable to continue trading and sustain the workforce. We\u2019re working with impacted staff to make applications to the redundancy payments services and maximise recoveries from the assets.\u201d<\/p>\n<\/p><\/div>\n<h3>Related articles<\/h3>\n<\/p><\/div>\n<p><a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/metnor-collapse-confirmed-with-80-jobs-lost-22-02-2023\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Jonathan Knott<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newcastle-based contractor Metnor has entered administration, with 80 staff made redundant. Steven Ross and Allan Kelly of advisory firm FRP were appointed as joint administrators to the company on Tuesday (21 February). Metnor filed a notice of intent to appoint administrators earlier this month, as did its sister firm, M&amp;E specialist Norstead. The company has<\/p>\n","protected":false},"author":1,"featured_media":610915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22481,119486],"tags":[],"class_list":{"0":"post-610914","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-collapse","8":"category-metnor"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=610914"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/610915"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=610914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=610914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=610914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}