Hull-based P.D.R Construction Limited, a long-established privately owned main contractor within the construction sector, has entered administration.
All trading operations have ceased and all staff were made redundant shortly prior to the appointment of Joint Administrators Philip Deyes, Sean Williams and Andrew Poxon, of Leonard Curtis Business Rescue & Recovery, on 11 January 2022.
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 the 4th of January.”
