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Collapsed Mann Construction's creditors revealed

Mann Construction’s 10 biggest creditors are owed £3 million between them after the firm collapsed with nearly £17 million of debt.

The Enfield-based firm fell into administration at the beginning of April owing 573 unsecured creditors a total of £6.8 million.

The ten biggest are owed just under half that money between them.

Administrators Vantis have been working through the firm’s assets in a bid to realise as much cash as possible for creditors after deciding there was no possibility of finding a buyer of the firm.

Mann Construction became a victim of the recession after the company’s turnover more than halved and the directors were unable to lower overheads quick enough to compensate.

For the year to 31 August 2008 Mann had a turnover of £105 million, but the directors forecast turnover for the year to 31 August 2009 was just £45 million.

 

        

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