黑洞社区

Sir Robert McAlpine slumped to a 拢89.7m loss last year, which the contractor blamed mainly on losses incurred on the huge Fitzroy Place mixed-use scheme in central London.

黑洞社区 has learned the 291-flat residential portion of Exemplar鈥檚 Fitzroy Place scheme is running three to six months behind schedule, with opening currently scheduled for this autumn.

In a statement issued this week after its results went up online on Companies House last Friday, Sir Robert McAlpine said its 拢89.7m pre-tax loss in the year to October 2014 was 鈥渢o a great extent, due to one difficult project 鈥� Fitzroy Place鈥�.

The problems on the project, which was won by McAlpine at the bottom of the market in June 2012, are thought to be partly caused by the collapse during construction of fit-out subcontractor Mivan in January 2014. The firm has since been bought out of administration.

Sir Robert McAlpine鈥檚 loss compared with a slim 拢4.4m pre-tax profit the previous year. The heavy loss meant the contractor lost 拢1 on every 拢9 of business, with the loss made on 拢787.8m of turnover. Turnover was broadly flat, up marginally on the previous year鈥檚 拢780.4m.

In the firm鈥檚 accounts, the directors said losses were caused by 鈥渙ne project in particular鈥�, but elsewhere disclosed the 鈥渟ignificant deterioration in the performance鈥� was due to a 鈥渘umber of poorly performing contracts which have incurred considerable losses鈥�.

The directors said market pressures - including 鈥渉igh cost escalation with a very stretched and limited supply chain鈥�, particularly in London - and 鈥渨eaknesses within our own operations鈥� had contributed to 鈥渄elays and cost escalations鈥�.

The directors said that in response to the contract losses they had 鈥渞eviewed and corrected鈥� some processes, namely 鈥渞isk management during tendering and the management of our design responsibilities and changes鈥�.

Last October Sir Robert McAlpine鈥檚 London boss Vince Corrigan exited the firm after 30 years with the company and was replaced in his role by the firm鈥檚 director of operations, Tony Aikenhead. The offices and retail portion of Fitzroy Place is complete and was unaffected by delays, 黑洞社区 understands.

A spokesperson for Exemplar said: 鈥淭he Fitzroy Place project was carried out in full accordance with the contract agreed by the developers and Aviva. We are extremely pleased with the development which is due to complete this autumn. We can鈥檛 comment on SRM or any other member of the construction team鈥檚 affairs.鈥�