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The supply chain of collapsed contractor Buckingham is owed more than 拢108m, the firm鈥檚 administrator has said.

Nearly 20 firms are due more than 拢1m each with two companies both owed more than 拢4m each 鈥� with the largest due to a cladding specialist which is out of pocket by 拢4.5m. Hundreds of unsecured creditors have been told not to expect any money back.

In an update on the contractor鈥檚 implosion last month, administrator Grant Thornton said Buckingham was hobbled by 鈥渟ignificant and increasing losses鈥� on several sport and leisure schemes, thought to includes its jobs to build new stands for Premier League sides Liverpool and Fulham, which it put down to 鈥渋nflationary pressures鈥�.

It added that it was also felled by losses on a civils scheme, which Buckingham had previously said was in Coventry, as well as delays on contracts and problems on recovering 鈥渟ignificant鈥� work in progress balances.

And it said the timing of Buckingham鈥檚 payment runs was also a factor in its collapse with large supplier and subcontractor payments due in the middle of the month 鈥� but receipts were usually brought in at the end of the month, meaning the 鈥渓osses placed pressure on the cashflow of the business鈥�.

The report said HMRC rejected a so-called TTP proposal 鈥� known as a time to pay agreement 鈥� in August, a month after Buckingham鈥檚 invoice finance facility 鈥� a 拢20m debt finance package agreed last year 鈥� had dwindled down to zero.

It added: 鈥淭his and increasing creditor pressure, due to not being able to meet the full supplier/subcontractor payment run, resulted in Grant Thornton being engaged by [Buckingham] on 16 August to explore a sale of the business and assets and undertake planning for a potential appointment of administrators.鈥�

Specialist money recovery firm Leslie Keats said Buckingham鈥檚 contracts have a book value of 拢147m which covers 325 contracts and accounts, 52 of which were still live at the time of the firm鈥檚 collapse. The 拢147m includes book debts, work in progress and retentions.

At the time of its collapse Buckingham, which in its last set of accounts had a turnover of 拢665m in the year to December 2021, had just 拢4.98m in its current account with bank HSBC.

Grant Thornton said Buckingham鈥檚 489 employees made redundant by the collapse were owed 拢1.4m in missing wages and holiday pay. It said this money was expected to be paid in full while secondary preferential creditors, which include HMRC and who are owed 拢25m, will get some money back 鈥渉owever it is currently uncertain whether this will be paid in full鈥�.

Last month Kier paid 拢9.6m for the firm鈥檚 rail arm, saving the jobs of 180 people.