Fri, 08 May 2015 | ADMINISTRATION
PC Harrington Contractors Ltd., a specialist concrete contractor, has entered administration following financial difficulties.
The business ceased trading after administrators were appointed to the business earlier this week (5 May). Jonny Marston and Howard Smith of KPMG are working as joint administrators of the business.
PC Harrington Group operates in reinforced concrete construction, providing services in areas including substructures, slipforming and bridges. The insolvent business was one of five businesses, the other four are continuing to operate under control of their existing management.
The administrators explained that difficult trading conditions had contributed heavily to PC Harrington Contractor's insolvency. The economic downturn and a number of loss-making contracts resulted in the company ceasing trading.
Work is now set to begin to realise value for the company's assets. Contract debts are thought to be the main focus here. Anyone interested in buying the assets is asked to contact the administrators.
The administration comes in the same week that the CIPYS/Markit Construction Purchasing Managers' Index revealed a sharp decline in the construction industry, with a drop in the index from 57.8 in March to 54.2 in April.
Contact the administrators.
Another concrete business, Bell & Webster Concrete Limited, also entered administration recently. Subscribers can find out more information from our distressed business listing here.
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