TEESSIDE SCAFFOLDER
Well-known member
Scaffold giant owed £1.5m by cash-strapped client
Grant Prior | Wed 11th January | 7:00
Siteserv scaffolding subsidiary Deborah Services is owed £1.49m for work carried-out at the Coryton Refinery for struggling industrial giant Petroplus.
Siteserv confirmed the debt in a Stock Exchange announcement as Petroplus continues to face a cash flow crisis which has seen more than half of its global refineries shut down.
Coryton is believed to be working at half capacity putting huge questions marks over Deborah Services long-term future at the Essex plant.
Deborah Services renewed its maintenance contract for the provision of access, insulation and asbestos removal last October in a three-year deal due to be worth £34m.
But the firm said yesterday: “Since 27 December 2011, Petroplus has made a number of announcements concerning its financial condition and that it is in discussions with its lenders.
“As at the date of this announcement, the Coryton Refinery remains open and Deborah Services continues to be actively engaged with Petroplus regarding its financial situation.
“Deborah Services is currently owed approximately £1.49m by Petroplus.
“Siteserv will continue to actively monitor the situation as it evolves.”
Grant Prior | Wed 11th January | 7:00
Siteserv scaffolding subsidiary Deborah Services is owed £1.49m for work carried-out at the Coryton Refinery for struggling industrial giant Petroplus.
Siteserv confirmed the debt in a Stock Exchange announcement as Petroplus continues to face a cash flow crisis which has seen more than half of its global refineries shut down.
Coryton is believed to be working at half capacity putting huge questions marks over Deborah Services long-term future at the Essex plant.
Deborah Services renewed its maintenance contract for the provision of access, insulation and asbestos removal last October in a three-year deal due to be worth £34m.
But the firm said yesterday: “Since 27 December 2011, Petroplus has made a number of announcements concerning its financial condition and that it is in discussions with its lenders.
“As at the date of this announcement, the Coryton Refinery remains open and Deborah Services continues to be actively engaged with Petroplus regarding its financial situation.
“Deborah Services is currently owed approximately £1.49m by Petroplus.
“Siteserv will continue to actively monitor the situation as it evolves.”
