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.
Offers a comprehensive range of products, including raw building materials, kitchens, bathrooms, interior design products and power tools. The company is a member of several prominent buying groups and maintains strong relationships with numerous man...
FREEHOLD
A reputable electrical and building maintenance contractor, delivering a comprehensive, turnkey solution to prominent organisations across the UK. Has established itself at the forefront of multiple key sectors, including social housing, facilitates...
LEASEHOLD
Turnover of £1m. A specialist groundworks contractor providing a range of services, including roadworks, small demolitions, drainage, earthworks and screeding. Caters to five active industrial and commercial clients, and benefits from high retention...
FREEHOLD
|
30
|
|
Sep
|
Administrators seek buyer for pie maker’s manufacturing sites and other assets | ADMINISTRATION
Administrators from FRP are seeking a buyer for a longstandi...
|
29
|
|
Sep
|
Wetherspoons to sell 32 pubs as costs rise | COMMERCIAL PROPERTY
Pub chain JD Wetherspoon has announced that it will sell 32 ...
|
28
|
|
Sep
|
Assets to be sold after collapse of black plastics recycling firm | ADMINISTRATION
Administrators are seeking to sell the assets and intellectu...
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