The developer behind the overhaul of the Olympia exibition venue has defended low margins for contractors after a series of design changes on the £600m scheme which are believed to have contributed to Laing O’Rourke posting its worst ever set of results.

Yoo Capital co-founder Lloyd Lee said “everyone is under pressure” and administrations of firms such as last week’s collapse of ISG are “the reality of what happens” due to the impact of global events such as the covid pandemic and the Ukraine War.

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