Squibb Group creditors left £24.6m in debt

An update from the Official Receiver seen by the Enquirer states “there is not a prospect of money being returned to creditors.”

Directors of the failed firm told the receiver its demise was due to the impact of Covid and a drop in scrap sales which accounted for up to 50% of turnover.

Squibb was also among ten firms fined a total of nearly £60m last March following a bid rigging probe into the demolition sector by the Competition and Markets Authority.

Squibb appealed its £2m fine which it considered “disproportionate” but the ongoing legal action led to losing contracts after a “reputational risk which had an effect on the turnover of the company.”

Squibb had been in business for more than 75 years and was one of the most famous names in the UK demolition sector.

Final results for Squibb Group for the year to January 31 2022 showed a turnover of £32.9m generating a pre-tax profit of £274,000 while employing 204 staff.