Philip Deyes, Sean Williams and Andrew Poxon, of Leonard Curtis Business Rescue & Recovery, confirmed they have been appointed joint administrators of Hessle-based PDR Construction.
All trading operations have ceased and all staff were made redundant shortly prior to the joint administrators’ appointment. The firm's latest accounts, published last January, showed it employed 115 staff.
PDR had 14 ongoing contracts worth £90m.
PDR Construction was principal contractor on the final phase of the £17m Treadmills scheme on the former Northallerton Prison site, as well as Beal Homes’ new £4.5m head office at Bridgehead Business Park in Hull.
The joint administrators said they would 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.
They will undertake an additional marketing exercise 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 January 4.’’
The company posted an £83m turnover for the year to April 30, 2020, up from £70m the previous year, according to its latest accounts filed at Companies House last January.
However, it posted its first loss in a decade due to covid social distancing measures, delayed projects and supply chain disruption.
PDR revealed an operating loss of £351,853, compared to the £373,011 profit made in 2019.