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 拢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: 鈥淭he company has suffered as a result of cost overruns on recent projects, impacted by the difficulties in the construction sector.
鈥淭he 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.
鈥淯nfortunately, we have had to make all the employees redundant immediately and will now be seeking a sale of the business and assets.鈥�
Emma Miller of credit reference agency Top Service said Swift Horsman had been on the firm鈥檚 鈥渞adar for a long time鈥� and the agency had recently 鈥渉ad an influx of reports of non-payments from our customers鈥�.
Top Service added that as of yesterday Swift Horsman had 14 unsatisfied county court judgements against it totalling 拢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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