Rising materials costs, supply chain problems and loss-making job blamed for 40-year-old firm鈥檚 demise
Gateshead-based firm Tolent has collapsed into administration after 40 years of business with over 300 staff made redundant.
James Lumb and Howard Smith from Interpath Advisory were appointed joint administrators to Tolent plc and five of its operating subsidiaries this afternoon, Interpath said.
The administrator said 313 staff have already lost their jobs with the remaining 91 kept on 鈥渢o assist them whilst they explore any possibility of a sale of the businesses and their assets鈥�.
Interpath said Tolent, which was one of the country鈥檚 best-known regional contractors also had offices in Leeds, Stockton-on-Tees and Shotton Colliery, had faced significant challenges in recent years including 鈥渞ising costs of raw materials, supply chain issues, material and labour shortages and the collapse of a number of developers, contractors and supply chain partners鈥�.
It added: 鈥淎gainst this difficult backdrop, one of Tolent鈥檚 major contracts 鈥� the 拢85.5m Milburngate development in Durham 鈥� became significantly loss-making, which had a p