Gateshead construction company Tolent says the collapse of developer High Street Group was partly to blame for a £4m loss last year, despite the company chalking up record revenues.
The contractor saw a 7% increase in group turnover to £197.9m in 2021, the highest since its launch in 1983, driven by huge growth in its housing division which saw a 40% rise in turnover to £66.2m.
But the group – recently named as contractor for the £40m housing development at Riverside Sunderland – recorded a £4m loss, citing a “perfect storm” of adverse trading conditions.
