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.”
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