Carl Jackson, managing partner, and Andrew Watling, partner at corporate recovery and business advisory firm Quantuma, have been appointed joint administrators at PWT Contracts Ltd, a Southampton aggregate recycling and haulage company
The company described itself as a specialist haulier to the ready mix industry. It was established in November 2014 as a business to operate as a recycler of aggregate, but had run into financial difficulties. It also operated a small number of cement mixer lorries and a tipper on contract for other parties.
Quantuma was appointed by the secured lender to the company, following the issuing of a winding-up petition against the company.
Carl Jackson, Quantuma managing partner and joint administrator, said: ‘The joint administrators are currently assessing the company’s operations and discussing the position with key stakeholders. The company had historically employed a modest number of drivers, and we are currently investigating this issue.’
He added that there was no prospect of continuing to trade the company due to issues arising pre-administration and it would likely be wound up in due course.
