Team settles all claims with Kier Management

Team has taken a œ700,000 hit after conceding its long running legal battle with Kier Management over the Lakeside shopping centre.

Appointed package contractor for a car park, Team had claimed that it was only paid œ14 million instead of œ21.1 million allegedly due under its design and build contract.

It also fought for Kier to repay a 2.5% cash discount because payments were made late.

But a Court ruling that the deduction was unlawful was overturned in the Court of Appeal on a split verdict - a decision that so stunned Team it decided to cuts its losses and settle all claims.

The deal struck with Kier called for a œ700,000 provision in last year's accounts. A further œ100,000 was taken against non-payment by a developer.