PwC appointed as administrator after no sale found
All 220 jobs have been lost at fit-out contractor Swift Horsman after it fell into administration.
PwC confirmed it has been appointed administrator after the company failed to secure a sale.
The £40m turnover specialist has worked on a range of high profile projects, including London Bridge Quarter and Heathrow Airport projects.
Karen Dukes, joint administrator and partner at PwC, said: “The company has suffered as a result of cost overruns on recent projects, impacted by the difficulties in the construction sector.
“The directors have been attempting to sell the business, but no buyer could be confirmed and they had no option but to place the company into administration.
“Unfortunately, we have had to make all the employees redundant immediately and will now be seeking a sale of the business and assets.”
Emma Miller of credit reference agency Top Service said Swift Horsman had been on the firm’s “radar for a long time” and the agency had recently “had an influx of reports of non-payments from our customers”.
Top Service added that as of yesterday Swift Horsman had 14 unsatisfied county court judgements against it totalling £263,796.
The directors of Swift Horsman filed a notice of intent to appoint an administrator to a court on 4 December, Top Service added.
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