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.
Delivers specialist shop fitting services for pharmacies, offering design, supply, installation and maintenance solutions to meet client specifications and complete projects to a high standard. Works with a number of blue-chip and independent pharmac...
LEASEHOLD
The highway successful business opportunity was established over 60 years ago by our client's family who is now looking to sell the business to simply retire. The fully equipped opportunity will include the extensive range of specialist equipment,...
LEASEHOLD
Provides kitchen and bathroom adaptations including grab rails, non-slip flooring and low-level storage for elderly or disabled clients, alongside standard building services.
LEASEHOLD
16
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
13
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
12
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
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