Leading site soil specialist goes into administration

Grant Prior 5 years ago
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PMC Soil Solutions Ltd has gone into administration and is now being wound-down with the loss of 50 jobs.

The London soil remediation and enabling works specialist has worked with a host of major contractors and developers across the capital.

Administrators from Leonard Curtis Business Rescue & Recovery said they will conduct “an orderly wind down” of the company.

They blamed the firm’s demise on a combination of 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.

PMC’s director attempted to restructure the business with the involvement of its bankers and professional advisers but was unable to secure sufficient working capital to enable ongoing trading.

Joint Administrator Andrew Duncan said: “In spite of exhaustive actions by the company’s director, the business was unable to continue trading.

“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.”

Latest accounts filed at Companies House show the firm made a pre-tax profit of £247,000 from a turnover of £11.3m during the year to November 30 2018.

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