GALLIFORD Try, the housebuilding, regeneration and construction group, has announced that following a lengthy period of negotiation the Aberdeen Western Peripheral Route joint venture has substantially agreed settlement terms with the client over the final account project.
As a result of the settlement Galliford Try expects to receive a cash payment of around £32 million and incur a write-off of £52m.
It said: “The settlement brings to a conclusion a complex and challenging project, averting a lengthy and costly litigation process.
“The settlement also removes a significant distraction and uncertainty, allowing the construction business to focus on its core business, current and new projects which are expected to deliver improving margins, operating on multiple secured frameworks and in our chosen sectors.” Taken together with an adverse adjudication award on an unrelated historical contract in the period, the group will report an exceptional write-off of £61m at December 31, 2019. It was originally one of three contractors retained by the Scottish Government’s transport agency Transport Scotland to work on the 28-mile bypass round the city of Aberdeen, with it, Balfour Beatty and collapsed Carillion. Balfour also receives £32m.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here