Written by: Keith Tully
Published: 14th April 2016
PHD1 Construction had, until recently, been providing services to the Pinnacle Group, a large building development group working in various part of the North West of England, but the company was effectively sacked from those projects earlier this year.
The consequences of the loss of its Pinnacle contracts have been significant and proven enough to force PHD1 into administration.
It’s understood that there are numerous creditors based across the North West owed money by the contracting company and awaiting news of developments in relation to its administration.
For its part, the Pinnacle Group recently released a series of statements explaining why it ended its working relationship with PHD1 Construction.
“PHD1 construction were employed as a construction company on a number of developments,” statements given on behalf of the Pinnacle Group said.
“A number of projects were successfully delivered by PHD1 for us initially, but there have been significant performance issues and delays, eroding our confidence that the business is capable of delivering as promised on the developments.”
Among the projects on which PHD1 Construction had been working closely with the Pinnacle Group was the Angelgate residential development scheme in Manchester.
The Warrington-based company had also been lined up to supply construction services in relation to a major redevelopment effort in Liverpool focussed on the Chinatown areas of the city.
That £200 million project is widely regarded as being a crucially important regeneration scheme for central Liverpool, with it having been given the green light by city planners in December 2015.
PHD1 had been working with the Pinnacle Group on several projects in Liverpool including those branded as the Paramount and the Quadrant redevelopment efforts, which remain ongoing respectively on London Road and on Shaw Street in different parts of the city.
Two professional insolvency practitioners have now been jointly appointed to manage PHD1 Construction’s affairs following its entry into administration, with steps to be taken to see creditors being paid back whatever amounts they’re owed by the business as fully as possible.
28th July 2021
The number of UK companies in positions of ‘significant financial distress’ were up 24 per cent at the end of the June 2021, as compared to the same point of last year.Read More
22nd July 2021
The Confederation of British Industry (CBI) has called for an “immediate rethink on self-isolation rules” to help businesses manage their workforces as the economy reopens and recovers.Read More