Philip Deyes, Sean Williams and Andrew Poxon, of Leonard Curtis Business Rescue & Recovery were appointed Joint Administrators of P.D.R Construction Limited this week.
All trading operations have ceased and all staff have been made redundant.
The administrators are now seeking expressions of interest for the sale of the construction contracts ledger, including active and completed sites.
PDR had 14 ongoing contracts worth £90m when it went down.
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 subcontractor supply chain, culminating in a winding up petition being served on the company on the 4th of January.’’
Edward Farren of construction law specialist Fenwick Elliott said: “The recent Winding Up Petition issued against PDR followed PDR’s repeated failure to respond to demands for payment.”
Parties interested in the construction ledger can see more information here.
One of the firm’s biggest ongoing jobs was for Network Homes in north London.
A Network Homes spokesperson said: “PDR Construction Ltd had been employed by Network Homes as the design and build Contractor to deliver a 124 home development for us in Edgware, North London.
“We’ve been formally notified that PDR Construction Ltd have gone into administration so our site has been temporarily closed. We’ll be making arrangements to complete the build out of the development and we can confirm that our other development projects are unaffected.”
Latest accounts for PDR show the firm made a pre-tax loss of £354,418 for the year to April 30 2020 from turnover of £82.73m while employing 115 staff.