Failed PHD1 Construction owes subcontractors £7.8m

Subcontractors have been left holding £7.8m of unpaid bills following the failure of PHD1 Construction.

CDC_New Chinatown_Sunken Street_151208
Former PHD1 staff are now helping to build the £200m new Chinatown scheme in Liverpool

The North West contractor fell into administration in April.

PHD1 worked on a number of high profile sites across the region.

An administrator’s report said clients started slowing payments to PHD1 which had a knock-on effect to its suppliers which resulted in a winding-up petition being issued.

The administrator’s report said the company effectively ceased trading in February when it was working on six incomplete sites.

The last set of results for PHD1 showed the firm made a pre-tax profit of £384,000 on a turnover of £22m for the year to January 31 2015.

Employees of PHD1 were transferred to a new company called Bilt NCT.

Bilt Group has now started work on Liverpool’s new £200m Chinatown development.

from The UK Construction Blog http://ukconstructionblog.co.uk/2016/06/14/failed-phd1-construction-owes-subcontractors-7-8m/

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