Fri, 14 Jan 2022 | ADMINISTRATION
PDR Construction, a contractor based near Hull in East Yorkshire, has fallen into administration, with a buyer now being sought for the company’s construction ledger. PDR Construction, which reported a pre-tax loss of £354,000 on £83 million turnover in the year ending April 2020, has ceased trading after succumbing to challenging market conditions.
Philip Deyes, Sean Williams and Andrew Poxon from Leonard Curtis Business Rescue & Recovery were appointed as the firm’s joint administrators on January 11th. They are now seeking a buyer for the company’s ledger of construction contracts, as well as land property assets owned by the business.
The key assets being marketed for sale include: the ledger of 14 ongoing construction projects, which have a total contract value of over £90 million; outstanding applications for certification or payment on active schemes worth over £3 million; the firm’s complete contract retention ledger, totalling more than £3.5 million, with £1.8 million of this relating to completed contracts.
The joint administrators require indicative offers by January 19th and intend to close a sale soon thereafter. Bids will be considered for either the whole or individual asset classes. Interested parties are required to show proof of funding and sign a non-disclosure agreement prior to the release of further information.
Commenting on the company’s collapse, joint administrator Philip Deyes said: ’The company has experienced challenging market conditions including the timely delivery of a number of recent projects, resource issues within the sector principally as a result of the COVID-19 pandemic, and contractual disputes with private clients including a recent significant lost adjudication.”
“New work opportunities have been delayed as a result of the uncertainty in the economic and political environment causing a significant fall in turnover. The company had fallen behind with payments to its creditors and sub-contractor supply chain, culminating in a winding up petition being served on the company on 4th January.”
View the latest distressed UK businesses here.
An exciting opportunity to purchase a North East specialist contractor providing diamond drilling & sawing and fire protection services. The leading North East specialist drilling & sawing contractor, with an excellent reputation and an expert servic...
The business has been solving access problems for its industrial, commercial and domestic clients since 1977. The company hires and erects aluminium scaffold towers, bridging units, cantilever and facade scaffolding plus staircases. All scaffold towe...
Long-established Essex industrial roofing and cladding providers, the business is located in a prominent trading position.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.