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The sour smell of Bow's woes

AGENDA

TALK about a low blow. Creditors of Bow Scaffolding must have been reeling this week when they heard the company looking to snap up some of the floundering firms' contracts is run by its current boss.

Bow's debts are estimated at £20 million.That represents money owed to companies which supplied the firm with products and services in good faith.

The history of receiverships will tell you that creditors are often paid only pennies in the pound as they are forced to wave goodbye to any hope of recouping their cash.

Other companies can pick up a bargain when they start circling around the bones of a stricken firm.

But when one of the vultures comes in the form of a familiar face it sticks in the craw of everyone involved.

A company called Scaffserve is negotiating to pick up some of the work. But it was set up only weeks ago and Bow boss Michael Bowkett was appointed as a director on the day Bow's banks called in the receivers.

Creditors have every right to be angry and demand to know how situations like this keep blighting construction.

It may not be illegal, but it certainly stinks.