{"id":827848,"date":"2025-02-18T08:11:50","date_gmt":"2025-02-18T14:11:50","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/18\/okeefe-supply-chain-to-get-less-than-1p-in-the-pound\/"},"modified":"2025-02-18T08:11:50","modified_gmt":"2025-02-18T14:11:50","slug":"okeefe-supply-chain-to-get-less-than-1p-in-the-pound","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/18\/okeefe-supply-chain-to-get-less-than-1p-in-the-pound\/","title":{"rendered":"O\u2019Keefe supply chain to get \u2018less than 1p in the pound\u2019"},"content":{"rendered":"
\n

\"O'Keefe<\/p>\n

\n

Administrators for collapsed civils contractor O\u2019Keefe Construction expect the firm\u2019s creditors to come away almost empty-handed.<\/span><\/p>\n

Two-and-a-half years<\/span><\/a> after O\u2019Keefe collapsed, administrators from RSM Restructuring warned that they expected the firm\u2019s supply chain and subcontractors to get a small fraction of the millions owed to them.<\/span><\/p>\n

Unsecured creditors, which are owed \u00a335.1m, are set to receive \u201cless than 1p in the pound\u201d when they finally get a payout, RSM said in its latest administration update last Wednesday (12 February).<\/span><\/p>\n

That suggests creditors in Kent-based O\u2019Keefe\u2019s supply chain will get a combined total of less than \u00a3350,000.<\/span><\/p>\n

In their report, the administrators said they had attempted over the past six months to recoup more than \u00a3527,005 worth of retentions, but none had been forthcoming.<\/span><\/p>\n

Last year, they said they had recouped<\/span> just over \u00a324,000<\/span><\/a> of retentions owed.<\/span><\/p>\n

Many firms that owed retentions to O\u2019Keefe resisted the administrators\u2019 demands.<\/span><\/p>\n

\u201cMost debtors have responded saying that the costs of any remedial works have superseded the amounts payable and therefore no monies are owed,\u201d RSM said.<\/span><\/p>\n

\u201cNo further retention monies have been recovered in the current period.\u201d<\/span><\/p>\n

Despite the pushback, RSM said it would continue to work with O\u2019Keefe\u2019s director on the retentions owed and would keep the firm\u2019s creditors updated.<\/span><\/p>\n

Unsecured creditors must wait to get paid, though, as RSM is still awaiting the final claim from HMRC \u2013 a secondary preferential creditor.<\/span><\/p>\n

After it went under, having defaulted on a company voluntary agreement, O\u2019Keefe\u2019s assets were sold to Byrne Group in July 2022.<\/span><\/p>\n

Some 150 staff were transferred over to the\u00a0 concrete-frame specialist after it paid about \u00a310m for O\u2019Keefe.<\/span><\/p>\n

Byrne subsequently set up two companies: O\u2019Keefe Demolition (Byrne Group) Ltd and O\u2019Keefe Construction (Byrne Group) Ltd.<\/span><\/p>\n

O\u2019Keefe\u2019s most recent accounts, covering the 18 months to 30 November 2021, revealed a pre-tax loss of \u00a312.7m from turnover of \u00a369m.<\/span><\/p>\n

According to Companies House, its parent firm, Sevenoaks-based Saint Fortchern Ltd, remains active. A compulsory strike-off action against it was discontinued last October.<\/span><\/p>\n<\/div>\n<\/div>\n

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

Administrators for collapsed civils contractor O\u2019Keefe Construction expect the firm\u2019s creditors to come away almost empty-handed. Two-and-a-half years after O\u2019Keefe collapsed, administrators from RSM Restructuring warned that they expected the firm\u2019s supply chain and subcontractors to get a small fraction of the millions owed to them. Unsecured creditors, which are owed \u00a335.1m, are set to<\/p>\n","protected":false},"author":1,"featured_media":827849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111523,4247],"tags":[],"class_list":{"0":"post-827848","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-okeefe","8":"category-supply"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/827848","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=827848"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/827848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/827849"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=827848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=827848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=827848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}