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Bone Steel receivers: strong interest in contracts

Receivers for Bone Steel have generated strong interest in the firm’s contracts.

KPMG receiver Blair Nimmo told Construction News: “We’re not being specific, it’s less than dozens but more than one or two.”

The job of shifting the firm’s contracts is the main task occupying the team from KPMG. Bone Steel was put into receivership last Thursday.

There is apparently strong interest in the jobs from other steel contractors, who have faced huge problems in the absence of commercial work, and with steel prices rising.

Bone Steel’s biggest clients were Carillion and Miller Homes, sources have told Construction News.

Mr Nimmo said in relation to the company that “there was no prospect of continuing to trade,” adding that it had been facing a difficult battle “for some time.”

The company is understood to have had legacy debts that were too much for it, despite a strong order book. RBS was its banker.

Mr Nimmo said that he hoped clients would not cancel their deals with the steel contractor: “I guess a lot of that will be determined by who we ask them to [take on as a replacement contractor].”

Mr Nimmo declined to say how many contracts there were, only saying that there were less than a hundred.