GSD Highlight "Weakness" In Demand In Modular Construction Market
The GSD says it has noted the liquidation of CIMC MBS Limited in the UK which highlights the “weakness” in demand in the modular construction market.
Roy Clinton said: “Sir Joe Bossano stated in Parliament on 1 June that the Government was talking to the UK company that delivered the Newcastle University modular accommodation block at a cost of £75 million. That company was CIMC MBS Limited which is now in creditors’ voluntary liquidation due to “having suffered a reduced order book. If the idea of undertaking this project was in my view flawed economically, it is now also concerning to see the report in the Sunday Times that CIMC were said to have constructed “faulty buildings” in the UK. All the financial benefits from this flawed plan will flow to China at the expense of our local construction industry and all just to provide CIMC with a showcase project in Gibraltar and give a private developer a cut price Elderly Care Nursing Home? I will be probing this joint venture further in Parliament as the more we understand it the less it makes any economic sense for Gibraltar and the welfare of our elderly.”
