Construction companies owed more than £1.5m to creditors
The collapse of two Island construction companies could damage confidence in the industry, but there's plenty that could be done to reverse it.
That's according to the Chamber of Commerce.
It was revealed last week that Richmond Square Design Ltd and Richmond Square Construction Ltd are facing liquidation - whilst owing over £1.6 million to 197 creditors, who've been told to 'expect the worst'.
Stephen Smyth chairs the Chamber's Construction Committee - he also runs local business Island Aggregates.
He says it's an 'unfortunate' situation, but one which highlights wider issues in the sector: