New lease of life for contactors after falling into administration owing £30m

A COMPANY that went into administration owing nearly £30m to creditors has changed its name as it attempts to rise from the ashes of a difficult year.

According to files lodged in December 2015, PC Harrington Contractors has changed its name to HPC Frames. It is attempting to tender for concrete jobs across London according to Construction Enquirer.

Private equity firm Endless was in talks last year to acquire HTC, the tower crane subsidiary of PC Harrington Contractors, but this deal stalled and the division was sold to Wolffkran.

Endless did however agree to refinance the group’s secured debt of £8.5m in April.

When KPMG was appointed as administrators, Endless held £9.5m of debt across the group.

The debt is not lent directly to PCHC, but had been secured by cross guarantees provided by the firm and the other group companies, which are still active and did not go into administration.

Harrington subsidiary Slipform International was placed in administration over Christmas, despite attempts to sell it in the second half of 2015.