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.
Established for over 40 years with a turnover in excess of £500,000, the business enjoys limited competition locally. The sale includes the business assets and the lease of the premises will be assigned to the new owner.
This profitable business presents a compelling opportunity for a buyer seeking a well-organised and respected roofing company, and is now offered for sale due to the vendor wishing to retire. This listing is a confidential sale at the vendor's reques...
Discover a distinctive bespoke joinery business located in picturesque Somerset, presenting a unique chance to acquire an established enterprise with a dedicated client base.
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.