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Administration · 5 August 2019

Pochin's

Construction · Middlewich · North West England · Part of Pochin

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What happened

POCHIN'S LIMITED (company number 00300573), incorporated in 1935, entered administration on 5 August 2019. Its status at Companies House is now: liquidation.

Why it failed

Subsidiaries lost at least £17m on four residential contracts; bridging finance and asset sales failed, the builder stopped trading, the parent's guarantees of its contracts and bonds then forced administration.

  • Main reason: Losses on contracts
  • Delays
  • Clients not paying or failing
  • Cash flow
  • Funding withdrawn
  • Sale or investment failed
  • Group company failed

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.

Previously known as: POCHIN'S PLC, POCHIN'S LIMITED, POCHINS (MANCHESTER) LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

  1. 28 February 2018

    Last accounts filed were made up to this date

    18 months later

  2. 5 August 2019

    Administration started

    23 months later

  3. 28 July 2021

    Winding-up petition presented

  4. 30 July 2021

    Administration ended

  5. 30 July 2021

    Winding-up order made by the court

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Feb 2018
£59.2m
Accounts at Companies House
Loss before tax, year to Feb 2018
£3.4m
Accounts at Companies House
Staff, year to Feb 2018
117
Accounts at Companies House
Net assets, year to Feb 2018
£10.0m
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 5 August 2019
£69.8m
of which trade creditors £1.6m. about 49 creditors. staff owed £135k. Expected return to unsecured creditors: about 1p in the pound (estimate)
Administrators' proposals (estimate; includes £20.5m of guarantees)

The last accounts filed were group accounts made up to 28 February 2018, 17 months before it went into administration.

The full filing history, including any late filings, charges and director changes, is on Companies House.

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