Yet another local electrical contractor of many years standing has hit the wall. Rumours abound with some saying they went for £5M. What I do know for sure is that a labour only sub has been hit for £200K with a fairly well-known firm of consultants not far behind. Seems the same old story is set to go on running.
I don't agree about companies reasons for going bust can be down to them as I have worked for quite a few electrical companies that have had this happen... on a couple of them then yes, they brought it on themselves BUT, the others went bust because they trusted others to pay them... I was quite big, years' ago, and I had problems getting money out of people I worked for and I was owed thousands at one point from one building company, based in central London, but - thankfully I eventually got it BUT multiply my business by 10 fold and then you can run into BIG trouble because when you're dealing with huge works you are then committed to do more and then when the payments fall behind you're in an ever downward spiral and so, if they don't pay / go bust themselves... this is where you go bust!
I have plenty of stories, as you can imagine, but I won't go into them suffice to say... I kept my works small after I had had lot's of so called 'sparks' working for me and - I made as much money as I did before but without the stress and my son has followed my advice too.
I don't agree about companies reasons for going bust can be down to them as I have worked for quite a few electrical companies that have had this happen... on a couple of them then yes, they brought it on themselves BUT, the others went bust because they trusted others to pay them... I was quite big, years' ago, and I had problems getting money out of people I worked for and I was owed thousands at one point from one building company, based in central London, but - thankfully I eventually got it BUT multiply my business by 10 fold and then you can run into BIG trouble because when you're dealing with huge works you are then committed to do more and then when the payments fall behind you're in an ever downward spiral and so, if they don't pay / go bust themselves... this is where you go bust!
I have plenty of stories, as you can imagine, but I won't go into them suffice to say... I kept my works small after I had had lot's of so called 'sparks' working for me and - I made as much money as I did before but without the stress and my son has followed my advice too.
