Collecting Construction Retentions: Proven Strategies, Insolvency Surprises & Using "Future Work" as Leverage
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Collecting Construction Retentions: Proven Strategies, Insolvency Surprises & Using "Future Work" as Leverage
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Retentions are often written off as "lost profit," but they don't have to be. In this episode of Minimise Debt, Maximise Cash, Emma Reilly continues the deep dive into managing retentions with actionable advice on how to successfully collect these aged debts.
Moderated by Philip King, our expert panel reveals why some businesses fail to collect retentions while others achieve high success rates.
Key Strategies & Insights:
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The 71% Success Rate: Charlie Barratt-Meade (Top Service) reveals that their team successfully collects 71% of retention debts and explains why documentation and open communication are the biggest factors in winning those battles.
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The Insolvency Surprise: Guiseppe Parla (Menzies) shares a counter-intuitive truth: retention recovery rates can actually be higher during an insolvency than in normal trading—provided your books and records are in perfect order.
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Leverage "Future Work": Simon Howell (Tarmac) explains how to use upcoming contracts as a bargaining chip to force payment on old retentions: "I ain't going to agree to that next contract because we are still owed this money" .
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Resource Management: Why getting an external agency (like a DCA) to clear out the "easy money" allows your skilled credit team to focus on the difficult, high-value disputes.
Whether you are a subcontractor struggling to get your final 5% or a credit manager looking to clean up your ledger, this episode offers the tactical advice you need.
Featured Guests:
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Philip King (Moderator)
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Charlie Barratt-Meade (Top Service)
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Simon Howell (Tarmac)
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Guiseppe Parla (Menzies)
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Debbie Nolan (CICM)
Keywords: Retention Collection, Debt Recovery, Insolvency, Construction Finance, Credit Control, Subcontractor Rights, Tarmac, Menzies, CICM.
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To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/
Music by Purple Planet
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