Firm was owed more than 拢16m when it sank in February
Administrators at Styles & Wood have told creditors they are speaking to around 25 companies as part of efforts to recoup some of the 拢16m the stricken firm was owed when it collapsed earlier this year.
The 拢150m turnover company sank into administration at the end of February, ending 35 years of trading with the loss of more than 200 jobs.
In a letter to creditors sent late last month, administrator EY said it had recovered 拢1.5m from 16 firms and was speaking to around 25 more to recoup cash.
But it warned: 鈥淭he contract realisation process is expected to continue for another 18 to 24 months.鈥�
It said items included in the 拢16.2m Styles & Wood was owed were 拢5m from contract debtors, a further 拢2.4m in retentions while work in progress accounted for 拢3.4m.
EY also said it had recovered 拢500,000 on an adjudication award for Styles & Wood鈥檚 work at a scheme at St Ann鈥檚 Square in Manchester.
And it added that it has sold the firm鈥檚 Technologies business which was kept going while EY looked for a buyer. It said the amount expected from the sale to a firm called 7FC LLP would be around 拢100,000.
Styles & Wood, which EY said lost 拢12m on its scheme to fit out the new Liverpool office (pictured) of HMRC, collapsed owing 拢49m to secured creditors HSBC and a finance firm called Tosca.
HSBC has been told to expect a return 鈥渟ignificantly below鈥� what it is owed while Tosca has been warned it will get nothing back.
Unsecured creditors, including its trade creditors, are owed close to 拢21m while another unsecured creditor, HMRC, is owned a further 拢500,000.
EY has previously warned unsecured creditors they are unlikely to get anything back, apart from a nominal 1p in the pound.
An earlier update in May revealed shareholders pumped 拢32m into the business in a doomed attempt to keep it afloat.
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