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Liverpool contractor PHD1 Construction falls into administration

Liverpool-based contractor PHD1 Construction has fallen into administration.

Administrators Bridgestones were appointed at the firm earlier this month.

PHD1, which was founded in 2014, had a turnover of £22.1m and an operating profit of £0.3m in its most recently published results, covering the year to 31 January 2015.

According to those results, the firm had £5.7m due to creditors during 2015.

PHD1 had been working on three schemes for Pinnacle, but the developer axed the firm from the work in March when it ended its commercial relationship, cititng “significant performance issues and delays”.

The projects were: Angelgate in Manchester; The Paramount in Liverpool; and The Quadrant in Liverpool.

Work began on the 344-home Angelgate scheme, adjacent to Manchester’s Green Quarter and NOMA developments, in 2015, but was halted in late 2015.

In a statement, Pinnacle said that “a number of projects were successfully delivered by PHD1” initially, but following that, “there have been significant performance issues and delays, eroding our confidence that the business is capable of delivering as promised on the developments”.

“All funds associated to the developments are ring-fenced and we remain fully committed to our purchasers and the completion of each project.”

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