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Tannson Ltd Call In Receivers

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http://www.eveningtimes.co.uk/news/display...cash_crisis.php

DOZENS of home buyers at a luxury flats development in Glasgow have been left in the lurch after a building firm hit a major cash crisis.

Around 160 properties, including £200,000 town houses, are under construction by Tannson Ltd at a site in Maryhill.

But builders working at the Kelvin Quay development, in Lochburn Road, were instructed by bosses to clear the site last Thursday.

And today it emerged Tannson called in receivers Andrew Davison and Colin Dempster of Ernst & Young on Monday after recording losses of £44,000.

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"Tannson, which has an annual turnover of £30million"

"Tannson called in receivers Andrew Davison and Colin Dempster of Ernst & Young on Monday after recording losses of £44,000."

that can't be right :huh:

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"Tannson, which has an annual turnover of £30million"

"Tannson called in receivers Andrew Davison and Colin Dempster of Ernst & Young on Monday after recording losses of £44,000."

that can't be right :huh:

Does sound weird - must be more to it. Maybe they wanted out before things got worse?

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The founder of WMS Ltd, John Wilson, was also the co-founder of The Tannson Group of Companies.

His successful ethos of getting insides his Client's minds to extrapolate their exact requirements and provide ‘The Perfect Cure' has been passed down to the new staffing structure at WMS Ltd to continue the service of being truly Customer Focused.

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Probably claimed in the brichure that it was North Hyndland :lol::lol:

I have a colleague who lives in the very heart of Maryhill, but claims he lives in North Kelvinside. But then both Anniesland and Charing Cross call themselves West End now.

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That 44K figure must be a misprint, it makes no sense.

I've seen quite a few notices of building firms going into receivership in the announcements sections of the local papers here. I expect most of them are small-fry, and the bigger industry players will be hoovering up their clients, but it's still a very telling sign.

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I have a colleague who lives in the very heart of Maryhill, but claims he lives in North Kelvinside. But then both Anniesland and Charing Cross call themselves West End now.

I have a friend who always likes to put people right on their localities..

"I've moved to Islington.."

"Hackney"

"I've bought a flat in Crouch End."

"Finsbury Park"

"I've just moved in to Greenwich"

"Deptford"

:lol:

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I'm not saying it's the case here, I don't know the facts, but last recession, lots of businesses went under because their customers failed to pay or stalled for time. The quickest way for a builder to go out of business is to work on a big project for an empty-pocketed developer.

Edited by Sofa Spud

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"Tannson, which has an annual turnover of £30million"

"Tannson called in receivers Andrew Davison and Colin Dempster of Ernst & Young on Monday after recording losses of £44,000."

that can't be right :huh:

Point is that Tannson itself called in the receivers rather than letting one of its creditors put it into liquidation. There are probably lots of other debts sitting out there but you only need one of them to trigger a winding up.

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I have a friend who always likes to put people right on their localities..

"I've moved to Islington.."

"Hackney"

"I've bought a flat in Crouch End."

"Finsbury Park"

"I've just moved in to Greenwich"

"Deptford"

:lol:

I live in crouch end. Hornsey.

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His successful ethos of getting insides his Client's minds to extrapolate their exact requirements sounds more like a a sex pest!

The founder of WMS Ltd, John Wilson, was also the co-founder of The Tannson Group of Companies.

His successful ethos of getting insides his Client's minds to extrapolate their exact requirements and provide ‘The Perfect Cure' has been passed down to the new staffing structure at WMS Ltd to continue the service of being truly Customer Focused.

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I have a friend who always likes to put people right on their localities..

"I've moved to Islington.."

"Hackney"

"I've bought a flat in Crouch End."

"Finsbury Park"

"I've just moved in to Greenwich"

"Deptford"

:lol:

This one is a genuine quote.

I live in Berkshire.

Slough.

Edited by barry

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Point is that Tannson itself called in the receivers rather than letting one of its creditors put it into liquidation. There are probably lots of other debts sitting out there but you only need one of them to trigger a winding up.

Normally a company has to make a full and frank disclosure of ALL it's debts. Sounds like the directors have been fairly responsible here if this is the limit of the debts.

It's possible the developers haven't made the stage payments as they are due. It's incredibly difficult for a builder to survive in these circumstances as they have employees and subbies to pay.

Some developers are notorious for screwing over builders. Usually they lure the builders in by making the early stage payments ok. Then problems arise and small portions get withheld. Promises of payments get made but the amount paid to the builders reduces until they are left holding substantial debts. Often they don't have the cash to pursue the debts whilst the developers have experienced lawyers retained.

Then there are the funds retained for "snagging" - often the builder hasn't a chance of seeing this.

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Normally a company has to make a full and frank disclosure of ALL it's debts. Sounds like the directors have been fairly responsible here if this is the limit of the debts.

Agreed once the receivership or liquidation is in process a statement of all assets and liabilities will be drawn up. But at the start of the process a single debt is usually enough to start a winding up order in a court of law. I know because many years ago when I used to submit claims on behalf of the Inland Revenue in respect of Bankruptcies, receiverships and Liquidations back in the 1980's recession.

Usually it is in a company's own interests to call in the receivers as they get a choice in who will do the job. They are nearly always more sympathetic to the company's officers than someone appointed by an external creditor.

Edited by up2nogood

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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