好色先生TV

Steel contractor Severfield has incurred almost 拢1m of costs to date on the bolt replacement works being carried out at the Richard Rogers-designed Leadenhall 好色先生TV in the City of London.

Between November 2014 and January 2015, developer British Land reported that three steel bolts had fractured and fallen from the building, which opened last July. An investigation by contractor Laing O鈥橰ourke and structural engineer Arup uncovered a material failure in some bolts, prompting the replacement programme as a 鈥減recautionary measure鈥�.

Severfield completed the original contract in 2013, but was forced to write off 拢10m, admitting that it had 鈥渢otally underestimated鈥� the complexity of the job.

The steel contractor is undertaking the replacement programme on the tower, commonly known as the 鈥淐heesegrater鈥�, in conjunction with British Land, Laing O鈥橰ourke and Arup. It is likely to continue until the end of the calendar year.

While these works progress, all parties continue discussions to agree where the liability for the costs of the programme should rest.

Severfield鈥檚 costs are being regarded as exceptional and will not impact its underlying operating profit for the current year.

In a trading update, the group added that its overall trading performance continues to be in line with management expectations. Its financial position remains 鈥渟atisfactory鈥� and net funds are expected to remain positive at the year end, Severfield said.

The firm added that its UK order book of 拢194m had 鈥渟trengthened further鈥� in recent months and 鈥減rovides a solid platform for a return to revenue growth in the next financial year鈥�.