Collapsed contractor owed over £300,000 to drain cleaner
A drain cleaning business has become the latest firm to be hit by Carillion’s collapse.
Aim-listed Franchise Brands includes Metro Rod which unblocks and looks after drains for FM companies, retailers and social housing operators.
The group, which was co-founded 10 years ago by the co-owner of Saracens rugby union club, Nigel Wray, said it would have to make a provision of £316,000 because of money owed by Carillion to Metro Rod.
In a trading update, Franchise Brands said: “The board notes the liquidation of Carillion, whose various facilities management clients accounted for approximately 3% of Metro Rod’s system sales last year. We have fully provided for all outstanding amounts, which totalled £316,000, as an operating exceptional item in the results to 31 December 2017.”
It added that despite the hit the firm expected annual results to be ahead of expectations..