Stepnell Holdings News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Stepnell has revealed it sacked staff and restructured its business after a contract review forced it to restate its 2019 results from a £1.1m pre-tax profit to a £28.9m loss. A review of the group’s construction contracts found losses on a number of large projects had been “grossly understated” and forced the £30m revision to its 2019 results. The company said Stepnell’s directors found a number of jobs had been incorrectly valued following the publication of its 2019 results, which were signed off in November 2019. External consultants were drafted in to carry out an in-depth rev...

A BUILDING contractor behind a host of high-profile local developments has revealed a £5million loss but said it has returned to profit. Stepnell, which has a regional office in Chandlers Ford, has revealed the loss in its accounts for 2019-20 but says it has experienced a sustainable return to profit of £1m since. It says it has a strong order book for this year and into 2022. Tom Wakeford, joint managing director of Stepnell Ltd, said the 2019-20 loss had been offset with the support of parent company Stepnell Holdings. He said: “It goes without saying that 2020 was a challeng...

In our second major analysis of industry payment-practice reports, Megan Kelly delves into the government data to identify the best and worst payers in the sector. We also look beyond the headline figures to uncover the often complex reasons why some companies appear able to settle their debts more swiftly than others Slow payment has long plagued construction. It comes as no surprise to learn that, in 2020, amid a global pandemic, a national shutdown, and with many companies struggling for cash, poor payment practices have again come to the fore. According to Construction News’s latest ...