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.
Highly accredited buildings and facilities management business: 95% repeat business from longstanding, secure contracts with blue chip, London-based clients. Significant room for growth: from an existing client base that is displaying increasing dema...
Mobile Concrete Supplies, a family run business that was established in 1980. Our client is now looking to sell due to health reasons. Working with trade and private customers throughout Norfolk, delivering and pouring ready mixed concrete. Their man...
LEASEHOLD
Our client is an award-winning main construction contractor, operating in London and the M25 area. The company has a leading reputation in the specialist mental health and dementia sectors, areas that are notoriously difficult to gain entry for compa...
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
|
12
|
|
Nov
|
MBO at Gloucestershire bricklayers | MBO/MBI
Gloucestershire building services firm Cavendish Park Brickl...
|
07
|
|
Nov
|
Successful MBO at Homefair Blinds | MBO/MBI
Homefair Blinds has been acquired in an MBO led by a trio of...
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