A meeting has been called so that anyone who owes money when the South West construction company Henry W Pollard and Sons Ltd ceased trading could appoint a liquidator.
The 161-year-old family business ceased operations in June 2021 without warning, leaving buildings such as the Teesra House in Plymouth unfinished.
The company is preparing for liquidation, with the appointment of a liquidator at a creditors’ meeting on Thursday, July 8th at 11am.
Read more: South West construction company Pollard goes bankrupt, leaving buildings half-finished
Anyone who owes Pollard money is entitled to vote at the virtual session and has until Wednesday, July 7th, 4:00 p.m. to submit details of their claim.
South West auditing and management consultancy PKF Francis Clark acts as an insolvency administrator and has called the creditors’ meeting and their agents if they cannot or do not want to attend.
Secured creditors must provide details of their claims prior to the meeting, specifying the security and their value.
A reason for Pollard’s unexpected collapse was not given. The company was profitable and healthy in sales prior to the coronavirus pandemic, but managing a key client in 2019 had lost Â£ 715,000.
Pollard, headquartered in Bridgwater but also with a key regional office in Plymouth, has been involved in multi-million pound construction projects across the West Country.
It built the Â£ 13 million eight-story Teesra House apartment block in Mount Wise, Plymouth, near where the Leeward House luxury apartment complex was also built.
Work on the new building, which is still covered with scaffolding, has stopped and a sign on the fences reads âThis site is now closedâ.
Pollard, who opened his Plymouth office in the Millbay Cargo building in 2015, recently completed the Kingsditch Industrial Units in Cheltenham and also worked on the Weston Mews Townhouses in Bath and the Alexander House Nursing Home in Exeter.
It employed approximately 50 people and recent results showed sales of Â£ 24 million, up 20%, in 2020 and a profit of Â£ 170,888. That was before the Covid pandemic, although accounts released in January 2021 said the company was able to keep work in all of its locations and had posted Â£ 40 million for work. However, the family business reportedly contacted suppliers to say the locations are now closed.
Lucinda Coleman, Partner and Head of Business Recovery at PKF Francis Clark, said, âHenry W Pollard & Sons Limited has unfortunately ceased trading and the Directors are taking steps to put the company into the voluntary liquidation of creditors.
“We are assisting the directors in this process, but we are not seeking appointment as liquidators.”
The Voluntary Liquidation of Creditors is a bankruptcy process that allows directors to voluntarily formally close a bankrupt business. It is often chosen by directors to take control in the face of continued creditor pressures and the impending bankruptcy filing.
On the former site of the Royal Navy in Mount Wise, Plymouth, where Pollard built the Teesra House with 73 apartments, the developers had to decide what to do next. The building is in the final stages of development and a new company needs to be found to complete the work.
Mount Wise (Devon) Ltd has developed the former naval base, which also houses the Plymouth Cricket Club, and has so far invested more than Â£ 35 million in the incremental development.
A Mount Wise spokesman said the building itself is in the final stages of construction and the company is assessing the situation and is working on new arrangements to minimize delays and we intend to resume work.
Pollard was also responsible for many other prominent buildings in the Southwest, including the 130-bed dorm at St. Anne’s in Exeter; a grocery retail park on Alphington Road, Exeter; a new child and community center in Sidmouth; Refurbishment of Mount Stuart Hospital in Torquay; the redevelopment of the Grade II listed Exeter Community Center and the redevelopment of Woodford and Holy Cross elementary schools in Plymouth.
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