Wed, 03 Jul 2019 | ADMINISTRATION
A waste management, remediation and enabling works company providing services to the construction industry has collapsed into administration due to a series of trading difficulties.
PMC Soil Solutions Limited, trading from its base in Canning Town, London and its headquarters in Kings Cross, was forced to call in specialists from Leonard Curtis Business Rescue & Recovery to handle the administration process, with partners Andrew Duncan and Alex Cadwallader appointed as joint administrators.
The company was known to work with top specialist packaging contractors, major property development consultancies, private contractors and landowners on a range of construction initiatives.
In the year ending 30 November 2018, its Companies House accounts showed a turnover of £11.3 million and a pre-tax profit of £247,000.
Despite this, the administrators stated that they would follow through with an “orderly wind-down” of the business, after citing accounting irregularities, poor trading during the winter months, and declining margins in the marketplace as the reason for the company’s downfall.
The director of PMC Soil Solutions attempted to restructure the business by involving bankers and a number of professional advisers. In spite of this, it failed to secure sufficient amounts of work capital to continue its trading operations.
In a public statement, Duncan stated: “In spite of exhaustive actions by the company’s director, the business was unable to continue trading.
“We are now seeking interested parties to purchase the company’s assets and will focus on providing the affected employees with the appropriate support whilst seeking to maximise realisations for the benefit of the company’s creditors.”
Click here to view the PMC Soil Solutions Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
Provides a comprehensive scaffolding service for clients in multiple sectors. Benefits from high-levels of in-house expertise across all areas of the business. Holds a range of certifications and accreditations due to its excellent service offering....
Works with circa five active clients, 100% of whom provide repeat business. Has established a prominent position with clients in its industry due to its prestigious portfolio. Offers invited.
Provides several key services including commercial relocation and refurbishment, construction, mixed use and residential. Established for circa 20 years. Offers invited.
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources