In a trading update today, the board of Billington Holdings said that it had “taken the prudent approach to make an exceptional provision of approximately £1.1m against receivables on a contract the company was undertaking”.
Billington remains in “in extensive dialogue” with the developer to complete the project and seek recovery of all outstanding monies.
Neither the project nor the failed main contractor were disclosed but the failed business was placed into administration earlier this year.
Billington chief executive Mark Smith said: “2021 [was] dominated by the continued challenges arising from the pandemic for both Billington and its clients alike. The construction sector has suffered material and labour supply constraints that has affected the cost and timing of projects. However, tendering opportunities continue to remain buoyant and the quality of our pipeline provides confidence for 2022 and beyond.”