Administrators at corporate recovery and business advisory firm Quantuma have been appointed at a Southampton aggregate recycling and haulage company.
PWT Contracts, which operated from Freight Yard, Bevois Park, Imperial Road, Southampton, described itself as a specialist haulier to the ready mix industry.
Carl Jackson and Andrew Watling of Quantuma’s Southampton office have been appointed administrators.
The company was established in November 2014 as a business to operate as a recycler of aggregate, but had run into financial difficulties. The company 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.
Jackson 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.
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