Danish contractor cites “far too aggressive” growth plan as main cause of financial problems

Museum of Liverpool

Pihl was nvolved with the Museum of Liverpool project

Danish contractor Pihl has filed for bankruptcy after a “far too aggressive” expansion programme went wrong.

In a statement the £730m-turnover company said new management had discovered financial problems were worse than originally thought and that it “would not be possible to find a solution that could secure the continued operation of the company”.

Pihl, which made a loss of £27m in 2012, hit the headlines in the UK this month after a judge ordered it to pay its share of £205,000 damages awarded against its joint venture consortium with Galliford Try over problems on the £72m Museum of Liverpool building.

Pihl’s statement said it had also mistakenly recognised claims against third parties as income and incurred further unexpected costs.