Fears were growing this week over the completion of the 拢435m new Wembley stadium as contractor Multiplex admitted it would lose 拢45m on the scheme.

In a statement to the Australian Stock Exchange on Monday, Multiplex said the project would not be completed until March 2006, three months later than expected.

The contractor said it had 鈥渞eceived an internal report that indicates that the margin position on the Wembley project may have deteriorated significantly鈥�.

Industry sources claimed that the contractor would struggle to recoup its losses through launching claims or legal actions against subcontractors.

One industry expert said: 鈥淭here will be some monies from subcontractors and designers but it鈥檚 nothing like the overall loss on the job. They can embark on an acceleration programme but the question is whether the subcontractors will play ball.鈥�

Source

QS News