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Dew collapse left debts of nearly £60m

FAILED construction group Dew Pitchmastic collapsed owing creditors £59.4 million, administrator Ernst & Young has reported.

The Oldham company's two main subsidiaries, Dew Construction and Dew Remediation, sank in May, while holding company Dew Pitchmastic was also placed in administration.

A statement of affairs prepared for creditors by directors shows that Dew Construction went bust holding £5 million in retentions, and owing subcontractors and other trade creditors £26.5 million.

Preferential creditors will be paid in full but unsecured firms are unlikely to get more than 5p in the pound.

The firm's £28.4 million pension deficit and loss-making construction contracts sank the firm.

Ernst & Young managed to sell its piling, civils and waterproofing businesses.