Pochin Construction goes into administration

Aaron Morby 2 years ago
Share

Most of the Pochin’s Group was placed into administration on Monday putting 120 jobs at risk.

Administrators from Grant Thornton UK LLP are now in charge of eight divisions of the group – including the main trading entities of Pochin’s Ltd, Pochin Construction Ltd and six other subsidiaries.

The Cheshire based firm was founded in the 1930s and was a familiar name on sites across the North West.

Grant Thornton said the business had been dragged down by legacy issues from earlier contracts which “became too great a burden leading to difficult trading conditions.”

The new management team explored a number of options to keep the company afloat including injections of significant levels of capital from shareholders and the sale of the group’s property portfolio.

But Grant Thornton said: “Despite these efforts, the impact of the challenges have proven insurmountable and the difficult decision was reached by the directors to place a number of entities in the group into administration.

“This includes the main trading entities of Pochin’s Ltd, Pochin Construction Ltd and six other subsidiaries.”

Joint administrator Sarah O’Toole said: “Whilst it is very early days, this may result in a number of redundancies and the companies ceasing to trade, the joint administrators will continue to review options to ensure the best possible outcome for creditors.”

The Enquirer was contacted by a series of stunned subcontractors on Monday morning who had been turned away from sites.

Last year Pochin’s construction arm lost £6.2m on £50m revenue after being hit by a single loss-making contract in Manchester.

It is understood to have been in talks with developer De Trafford over final settlement of the City Gardens residential scheme, which is now finished.

Latest news

Cleveland Bridge administrators to resume production

Staff will be contacted this week to finish contracts as buyer sought
3 hours ago

Campaigners win court fight to block £1.7bn Stonehenge tunnel

High Court judge quashes development consent granted by Transport Secretary Grant Shapps
2 days ago

£350m Manchester twin skyscraper plan approved

Twin 56-storey residential towers to join Great Jackson Street cluster
3 days ago

Ballymore strikes deal for 2,800-home West London site

Partnership deal with Sainsbury's for 18-acre canalside site at Ladbroke Grove
2 days ago

Utilities firm Fulcrum plunges to £11.5m loss

Firm hit by second wave lockdowns delaying contract awards and mobilisations
2 days ago

Green light for £100m UK Holocaust Memorial building

Work to start later this year on large memorial building next to Parliament
2 days ago

Government pledges another £81m for cycle lanes

Highway Code to be revamped to prioritise cyclists
2 days ago

Long Scottish Covid lockdown cost Robertson £11.5m

Private building group plunged into £6.1m trading loss by 3 month lockdown
3 days ago

Funding deal green lights £40m modular student scheme

Financier Maslow Capital backs Audley Modular Student Living’s latest scheme in Edinburgh
2 days ago

North East contractor stops work on sites

Kapex Construction staff confirm they are no longer working for the company
3 days ago

Construction Manager of the Year finalists revealed

Full list of 77 of the industry's brightest talents
3 days ago

Record £860m pumped into 1,000 flood schemes this year

New six-year flood and coastal erosion investment plan commits to record £5.2bn spend
3 days ago

Forterra to spend £27m on high-end brick factory

Brick and block producer closes Bison precast site in face of margin pressure on 'grey concrete' products
3 days ago

Scottish retention reform plan put to Government

Government working group recommends ringfenced accounts and automatic retention release
3 days ago

Scaffolder hits overhead power line with pole

Contractor fined £333,333 after accident at commercial glasshouse site
3 days ago

Contractor hunt starts for Thames flood scheme

Contracts worth £275m up for grabs
4 days ago

CBRE pays £960m for 60% stake in Turner & Townsend

Deal values consultant at £1.6bn
5 days ago

Tetra Tech buys M&E consultant Hoare Lea

More than 900 staff to switch over to fast-growing US consulting group
4 days ago

Tideway breakthrough links all three tunnel sections

Key 75m connector tunnel breakthrough joins all tunnels for first time
4 days ago

Demolition and groundworks £1.6bn framework launched

Pagabo to hold webinar next month for interested companies: Register now
5 days ago

Go-ahead for £18m revamp of Army & Navy warehouse

Architect SPPARC redesigns historic Westminster site
4 days ago

Student rooms developer to strip HPL cladding from 22 buildings

Unite says cladding retrofit to cost £96m over next three years
5 days ago

House builders start to flesh out net-zero plan

Industry commits to first zero-carbon ready homes by 2025
5 days ago

John Sisk doubles cash pile to £62m despite profit fall

Profit almost halves to £2.8m as margin squeezed to 0.7% last year
5 days ago

Plans go in for £48m Derby arena

Construction set to start early next year
6 days ago

Costain to lead “electric road” trial for HGV charging

Electric lorries could be charged on the move by overhead power lines
5 days ago

Willmott Dixon gets go-ahead for Oldham secondary school

Work to start on £22m town centre school immediately
5 days ago

Mobile crane hirer Cadman joins vegetable oil revolution

Whole fleet to be converted to diesel alternative by end of this year
5 days ago

Go-ahead for 27-storey tower next to Shard

Edge London Bridge hailed as first of a new generation of office towers in London
6 days ago

Firms primed for £50m Hertfordshire police HQ

Contest to start in October for Welwyn Garden City blue light job
6 days ago

Contractor services