Pochin’s falls into administration
Pochin's has a long history, shown here in the 1950s
Middlewich-based contractor Pochin’s has collapsed into administration, putting 120 jobs at risk.
The family-owned property and construction business was founded in the 1930s and has been involved in several high-profile projects in the North West.
But the firm has succumbed to tough trading conditions and called in administrators Sarah O’Toole and Jason Bell of Grant Thornton, who are looking after eight entities within the Pochin’s group of companies.
Grant Thornton said that the construction business, with a new management team, had “established a platform for growth” over the past year, developing good client relationships and securing a pipeline of profitable new work.
But the company was nonetheless dragged down by legacy issues from earlier contracts which placed a burden on the business and led to difficult trading conditions.
The group’s board explored options including injections of “significant” levels of capital from shareholders and the sale of its property portfolio to keep Pochin’s afloat.
But Grant Thornton said the challenges had proved “insurmountable”. Pochin’s directors decided to place a number of entities in the group, including the main trading entities of Pochin’s Ltd, Pochin Construction Ltd and six other subsidiaries, into administration.
Sarah O’Toole said: “While it is very early days, this may result in a number of redundancies and the companies ceasing to trade, the joint administrators will continue to review options to ensure the best possible outcome for creditors.”