Contractor reveals final cost of writing off investment in failed offsite specialist was more than 拢1m
Regional contractor Beard posted a record turnover last year with the firm also seeing double-digit profit growth, the firm鈥檚 latest report and accounts have revealed.
The firm, which is based in Swindon and recently opened a new office in Southampton, said construction turnover was up 8% to 拢179m with pre-tax profit up 22% to 拢4.3m.
In accounts now filed at Companies House for EW Beard Ltd, the company鈥檚 net cash position at the year-end was flat at 拢33.2m from 拢33.8m last time.
In separate accounts for EW Beard Holdings, which includes its construction and property businesses, the firm revealed the final cost of writing off its 45% investment in a failed offsite building firm was more than 拢1m.
Beard said the collapse in 2022 of Green Unit, an Oxfordshire firm which specialised in low carbon, modular buildings and which claimed they were delivered to site 鈥渧irtually complete鈥�, meant it booked a 拢1.3m write off on its shareholding in its 2022 accounts.
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