A groundworks specialist owed more than £2m to its supply chain when it collapsed in April.
Bowie Construction, which was based in Cambridgeshire and had a turnover of £14.5m, will be unable to pay the majority of the money to its creditors, according to administrators from Quantuma Advisory.
A statement of affairs revealed that Bowie Construction owes £2.2m to its supply chain, but it is only expected to pay out around £400,000 to cover all of its debts.
The firm went under in April after suffering “financial distress caused by cashflow issues from […] a major job that wasn’t paying”.
On top of the £2.2m owed to creditors, former employees have claimed £395,000. Directors are owed nearly £190,000, while a further £344,000 is owed to banks.
In total, Bowie Construction owed £4.4m when it collapsed. This included debts to HMRC and international product sourcing company Interco.
The documents also revealed that the administrators have so far raised £648,417 for creditors from the sale of land, property and plant machinery.
The statement of affairs did not reveal whether administrators expect to be able to pay unsecured creditors, which are mainly made up of subcontractors, building suppliers and other construction firms.
Linton-based Bowie was formed in 2007. According to its website, it carried out road and sewer construction, paving and fencing as well as groundworks, and worked as both subcontractor and principal contractor.
Accounts for the 12 months to 31 December 2021 show it made a loss of £624,000 on turnover of £11.6m.
Bowie Construction was working on at least three separate jobs in West Norfolk at the time of its collapse, all with Morgan Sindall’s development arm Lovell. That included a £12m subcontracting job on a project to build 226 homes at Florence Fields, which faced a significant delay following its collapse.
