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Daily Archives: June 17, 2024
Inflation hits again: Italian town now sells houses for 3 euros
Top Stories Tamfitronics Sambuca di Sicilia was among the first towns to initiate the ‘1-euro house’ concept Sambuca di Sicilia, located on the island of Sicily as evident from its name, was one of the first Italian towns to start offering 1-euro houses for sale as means to fight the phenomenon of rural depopulation and exodus of young people. The small town is once again in the news in relation to that programme with the announcement that it has raised the asking price to 3 euros. It may not seem like much, but if you think about it in percentage terms – that’s a 300% markup! However, that’s not entirely correct either, as the previous batch programme in the town offered houses for 2 euros. It looks like inflation has been slowly creeping...
Court throws out Tilbury Douglas’ £6m claim against Arup
Top Stories Tamfitronics Tilbury Douglas has failed in a legal claim that Arup should pay it £6m because of defective designs at a mixed-use development in Edinburgh.The contractor had alleged that Arup produced designs that were “incapable of implementation” on the revamp of the former Haymarket railway yard in central Edinburgh.But Court of Session inner house judge Lord Malcolm rejected the claim because it was lodged too late.In 2012, Tilbury Douglas, then called Interserve, formed a development joint venture with Tiger Developments, and Interserve became principal contractor, overseeing enabling works for five mixed-use buildings that would include office, retail and hotel space.Tilbury Douglas appointed Arup to deliver civil and structural engineering services for the enabling works, including a designs for the tunnels.Arup’s design included reinforcement of the northern tunnel brickwork with stitch grouting to cut...
Employee-owned contractor posts 40% revenue boost
Top Stories Tamfitronics Employee-owned Neilcott Construction saw double-digit percentage growth in turnover and pre-tax profit last year.In the Kent-based contractor's accounts for the 2023 calendar year, filed last week with Companies House, the firm posted £138.9m in revenue, up significantly from £100.3m the previous year.Pre-tax profit grew more modestly from £2.6m to £2.9m, but this still marked a 12.7 per cent year-on-year increase.Managing director David Huxley described a “creditable performance being achieved despite the ongoing challenge of inflation throughout most of 2023”.Neilcott became an employee-owned trust in 2021. Its improved financial performance last year enabled the firm to pay out a total of £250,040 to eligible employees.“Further progress has been made in respect of the progressive reconstruction of the board since the move to employee-owned status in 2021,” the accounts said.A further appointment is scheduled...
