Administrators acting for collapsed North East construction group Tolent have told how they are working with other firms in the industry in a bid to keep building sites going.
Interpath Advisory was appointed to Gateshead based Tolent plc and five of its operating subsidiaries on Monday, making 313 workers redundant with immediate effect, after the firm fell into difficulties. James Lumb and Howard Smith, the joint administrators, cited heavy losses incurred on Tolent’s biggest project to date, the £85.5m Milburngate development in Durham, for having a profound impact on the companies’ working capital, ultimately leading to Interpath’s appointment.
The company had shut down its sites last Friday and sent staff home, having tried to secure its future. Around 90 workers have been retained at the firm while administrators seek ways to save the business, which had bases in Shotton Colliery, Leeds and Redcar alongside its two Team Valley head offices.
