黑洞社区

A planned meeting of creditors of demolition contractor Squibb Group to decide whether to accept a Company Voluntary Arrangement has been pulled for a second time.

The meeting was due to have been held on 9 November before being switched to yesterday (21 November).

But in a letter, seen by 黑洞社区, sent out to creditors on Monday by financial advisory firm Begbies Traynor, recipients are told 鈥渢hat pursuant to instruction received from the directors, they have withdrawn the CVA proposal鈥�.

It added: 鈥淎s such, the meeting on 21 November is cancelled and no attendance will be required.鈥�

No explanation for why the CVA proposal, which governs how a company鈥檚 debts will be paid and in what proportions, has been withdrawn was given in the letter.

Squibb, which has been contacted for comment, has been going since 1948 and in its last set of results filed at Companies House, the firm saw turnover rise 5% to 拢32.9m in the year to January 2022. Income at its demolition business rose 6.5% to 拢31m.

Squibb was one of 10 firms fined a total of 拢60m in March by the Competition and Markets Authority (CMA) for its involvement in the sector鈥檚 bid-rigging scandal.

The CMA cleared it of making so-called 鈥榗ompensation payments鈥�, having initially been found guilty of doing so, with Squibb hit with a 拢2m fine.

Squibb is appealing the fine because, it said, the penalty was 鈥渄isproportionate when seen in the context of the wider investigation and the other infringements discovered as part of the CMA investigation鈥�.