Danish contractor cites 鈥渇ar too aggressive鈥� growth plan as main cause of financial problems

Museum of Liverpool

Pihl was nvolved with the Museum of Liverpool project

Danish contractor Pihl has filed for bankruptcy after a 鈥渇ar too aggressive鈥� expansion programme went wrong.

In a statement the 拢730m-turnover company said new management had discovered financial problems were worse than originally thought and that it 鈥渨ould not be possible to find a solution that could secure the continued operation of the company鈥�.

Pihl, which made a loss of 拢27m in 2012, hit the headlines in the UK this month after a judge ordered it to pay its share of 拢205,000 damages awarded against its joint venture consortium with Galliford Try over problems on the 拢72m Museum of Liverpool building.

Pihl鈥檚 statement said it had also mistakenly recognised claims against third parties as income and incurred further unexpected costs.

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