Ocon creditors offered 14p in the £1

Published:  03 May, 2013

Trade creditors of Ocon Construction stand to receive 14p in the pound following the collapse of the student accommodation specialist.

Ocon collapsed in March owing £2.5m to suppliers for work completed. The repayment plan was recently put to a creditors meeting. In the worst-case scenario, trade contractors stand to receive 14p in the pound, which could rise to 22p if the full value of assets is realised.

Administrator Mazars’ latest creditors report revealed that Ocon was owed £8.2m by its parent company Opal, which is seeking to refinance with debts of £880m owed to 14 lenders.

Sign Up

For the Builders' Merchants News enewsletter.

In the spotlight

Recruitment

Builders Merchants Vacancies – UK Wide

We work closely with the National and Large Independent Builders Merchants as well as Manufacturers & Distributors. We have vacancies all over the UK for those who work within the Building Supplies sector.

Guest Blog by Simon Damp

Is DIY a lost art?

As time goes by, the art of do-it-yourself when it comes to activities around the home and garden is fast becoming more and more of a lost art.