{"id":629681,"date":"2023-04-15T19:49:41","date_gmt":"2023-04-16T00:49:41","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/15\/downing-construction-reports-8-5m-loss-after-cladding-provision\/"},"modified":"2023-04-15T19:49:41","modified_gmt":"2023-04-16T00:49:41","slug":"downing-construction-reports-8-5m-loss-after-cladding-provision","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/15\/downing-construction-reports-8-5m-loss-after-cladding-provision\/","title":{"rendered":"Downing Construction reports \u00a38.5m loss after cladding provision"},"content":{"rendered":"
\n

\"Unite <\/p>\n

Downing’s cladding settlement related to Parkway Gate in Manchester<\/p>\n

\n

Downing Construction has announced a pre-tax loss of \u00a38.5m, as it attempts to recoup money paid to a client for defective cladding.<\/span><\/p>\n

The Liverpool-based firm also revealed it suffered a 65 per cent fall in turnover, from \u00a383.4m to \u00a328.8m, in its latest financial year, which ended in March 2022.<\/span><\/p>\n

The group set aside \u00a318.5m for a claim by developer Unite Students for damages made against it and its subsidiary, George Downing Construction.<\/span><\/p>\n

The provision \u2013 which increased by \u00a38m compared with the previous year \u2013 covers an agreed out-of-court settlement for cladding defects on student accommodation in Manchester, as well as associated legal costs.<\/span><\/p>\n

In January,<\/span> the High Court ruled that the collapsed subcontractor European Sheeting Ltd (ESL) was liable for the defects<\/span><\/a>, and ordered it to reimburse George Downing Construction. However, the subcontractor is now in liquidation.<\/span><\/p>\n

In its accounts, Downing said that since ESL \u201cwas held entirely responsible for the defects\u201d, George Downing was \u201cpursuing the subcontractor\u2019s insurance for recompense\u201d.<\/span><\/p>\n

Following the settlement, Downing group\u2019s shareholder, George Maxwell Downing, injected \u00a36.5m of cash into the company.<\/span><\/p>\n

The group also increased its provision for possible remediation work required on completed contracts by \u00a32.5m to reach \u00a39.8m.<\/span><\/p>\n

In the year to March 2022, the firm began three new contracts, including a co-living scheme and a 45-storey residential tower at Manchester\u2019s First Street.<\/span><\/p>\n

The directors stated that the future prospects of the Downing group were \u201csatisfactory\u201d. The firm\u2019s joint chief executive, Sally O\u2019Brien, wrote in the strategic report that it had a \u201cvery healthy pipeline of contracts programmed over the next five years\u201d.<\/span><\/p>\n<\/p><\/div>\n

Related articles<\/h3>\n<\/p><\/div>\n

Read More<\/a>
\n Jonathan Knott<\/p>\n","protected":false},"excerpt":{"rendered":"

Downing’s cladding settlement related to Parkway Gate in Manchester Downing Construction has announced a pre-tax loss of \u00a38.5m, as it attempts to recoup money paid to a client for defective cladding. The Liverpool-based firm also revealed it suffered a 65 per cent fall in turnover, from \u00a383.4m to \u00a328.8m, in its latest financial year, which<\/p>\n","protected":false},"author":1,"featured_media":629682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2808,101113],"tags":[],"class_list":{"0":"post-629681","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"category-downing"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/629681","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=629681"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/629681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/629682"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=629681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=629681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=629681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}