London contractor Primus is entering a Company Voluntary Arrangement after its cash flow was hit by a dispute on a major hotel job.
The Enquirer understands the company is locked in a payment row following work it carried out on a new Crowne Plaza hotel on Albert Embankment in London.
Primus landed the £22m contract back in May 2015 to build the 13-storey scheme.
But the firm was replaced on the project last September by construction manager F3Group who are looking to complete the job this autumn.
A Primus spokesperson confirmed the company was entering a CVA while it continues its cash wrangle on the Albert Embankment project.
The firm has been in business for ten years and was set up by former Multiplex bosses led by managing director Martin Tidd.
Latest results filed at Companies House show that for the year to June 2106 Primus made a pre-tax profit of £136,000 on turnover of £20.2m.
from Construction Enquirer http://www.constructionenquirer.com/2017/07/21/hotel-contract-row-forces-primus-into-cva/
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