Andrew Duncan and Alex Cadwallader have been appointed joint administrators of PMC Soil Solutions Ltd.
Trading from Canning Town, London ‐ and with its HQ in Kings Cross ‐ the company was specialist in providing Waste Management, Remediation and Enabling works services to the construction sector.
It worked with tier one and specialist package contractors, major property developers, private contractors and land owners on a wide range of construction projects and employed 50 people.
The Administrators – from Leonard Curtis Business Rescue & Recovery’s London office ‐ have announced they will conduct “an orderly wind down” of the company. It’s a result of recent difficulties caused by accounting irregularities, investment in the soil processing facility and its lorries and poor trading last winter combined with the downward pressure on margins in the marketplace.
The Company’s director attempted to restructure the business with the involvement of its bankers and professional advisers. However, it was unable to secure sufficient working capital to enable ongoing trading.
The business ceased trading on 28th June 2019 and unfortunately all employees are facing immediate redundancy.
Joint Administrator Andrew Duncan said: “In spite of exhaustive actions by the Company’s director, the business was unable to continue trading.”
He continued: “We are now seeking interested parties to purchase the Company’s assets and will focus on providing the affected employees with the appropriate support whilst seeking to maximise realisations for the benefit of the Company’s creditors.”
For further information, contact Leonard Curtis Business Rescue & Recovery London on (t) 0207 535 7000. Or email Andrew.Duncan@leonardcurtis.co.uk or Samantha.O’Hara@leonardcurtis.co.uk.
Leonard Curtis Business Rescue & Recovery is part of the Leonard Curtis Business Solutions Group.
Back to updates