Published by Insider Media
ADMINISTRATORS CALLED IN AT CONSTRUCTION COMPANY
The appointment of administrators has been confirmed at a Hull-based construction company.
It was revealed earlier this week that PDR Construction was no longer able to fulfil its contracts on two significant developments in the region.
It has now been confirmed that Philip Deyes, Sean Williams and Andrew Poxon, of Leonard Curtis Business Rescue & Recovery, were appointed joint administrators of PDR Construction Ltd on 11 January 2022.
All trading operations have ceased, with all staff made redundant shortly prior to the joint administrators' appointment.
The joint administrators will be seeking expressions of interest for the sale of the construction contracts ledger, including active and completed sites where applications for payment and/or retention balances remain outstanding.
As part of this sales process, the joint administrators will liaise with relevant JCT Contracted Employers in relation to all part completed sites.
An additional marketing exercise will be undertaken by the joint administrators seeking buyers for separate land property assets owned by the company.
Joint administrator Phil 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 4 January."