Pochin administrators given more time
Grant Thornton and BDO have had permission from the High Court to extend the period in which to realise the assets from the collapsed family-owned contractor.
The administration period has been extended by 12 months to 4 August 2021.
In March, an update from the administrators said £1.8m had been raised from sales to date. Former Pochin directors were among the buyers of the company’s land holdings.
A further £3.25m has since been added to the pot to repay creditors after Pochin’s eight-acre former headquarters in Middlewich was bought by Crewe-based Blok UK, advised by Legat Owen.
The site is now fully occupied by Cheshire Concrete Products and CLD Fencing Systems. The HQ sale completed during lockdown in line with the two leasehold deals. Christopher Dee acted on behalf of the administrators. CCP and CLD were unrepresented.
It is understood the principal portfolio has been sold in full and the only remaining sites are non-income producing small plots.
Pochin owed £98m to creditors including £70m to unsecured creditors at the time of its collapse in August 2019.
Grant Thornton said a further update will be published in September.
Investment agent Christopher Dee advised Grant Thornton.
