Cheesegrater tower’s falling ‘mega-bolts’ cost steelwork firm Severfield £1 million

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Parts of three 5-inch diameter bolts, of the 3,000 used in the City’s tallest building, broke away from the structure last year, prompting developer British Land to fence the building off.

 

Severfield is replacing bolts on 11 floors of the Leadenhall Building as a “precautionary measure” following a probe into why the bolts failed.

It said that so far it had racked up costs of almost £1 million on the programme, being carried out with owner British Land, contractor Laing O’Rourke and engineer Arup.

Severfield shares dipped 3% or 2.1p to 65.6p.

The work is likely to continue until the end of the year, involving hard-fought discussions over the final bill, which is likely to end up at well over £1 million.

Severfield said talks were continuing “to agree where the liability for the costs of the programme should rest”. It considers the costs “exceptional” and said there would be no hit to underlying profits.

Source Article from http://www.standard.co.uk/business/business-news/cheesegrater-towers-falling-megabolts-cost-steelwork-firm-severfield-1-million-10127708.html

March 23, 2015 |
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