Construction giant Sir Robert McAlpine has blamed problems with a contract at Fitzroy Place in Fitzrovia for a £90 million loss, according to a report in today’s Sunday Times.
McAlpine published its accounts this week and blamed a “number of poorly performing contracts which have incurred considerable losses” but didn’t name any specific jobs as the cause.
However, The Sunday Times reported: “One of Britain’s biggest builders has slumped to a £90m loss because of a troublesome contract to build luxury apartments in central London.
“It blamed the loss in the year to the end of October largely on its Fitzroy Place contract — a £750m scheme to build 235 homes, plus shops and offices, on the site of the former Middlesex hospital in Fitzrovia. The project is nearly complete and McAlpine said it had provided for all the losses.”
McAlpine cited problems with rising costs and supplies in London.
The mixed-use development was due to be completed last year but Fitzrovia News understands that work will not finish until at least the end of August this year.