Sale of the Assets to Existing Management

Mark Phillips and Julie Swan of PCR were appointed Joint Administrators of the Company on 8 May 2019. Prime Fulfilment Limited, based in Clacton-on-Sea, Essex provides e-commerce, storage, fulfilment and customer services to a range of online retail customers.

The Company employs 42 full and part time staff, with additional casual staff at peak periods. The administrators were appointed by the Company’s lender in order to protect their security and maximise value for The Company’s asset base.

Mark Phillips and Julie Swan are pleased to announce the sale of the business and assets of the Company to the existing management team. As part of the sale of the assets all staff will be transferred to the purchaser under employment regulations.

Commenting, Mark Phillips, joint administrator and partner of PCR said:

“We are pleased to have secured a purchaser for the business and in so doing protected jobs in what is an economically challenged area of the country.”

- Ends -

Notes to Editors:

For further information please contact Phillips Levene Partnership, who are handling media enquiries on behalf of PCR LLP:

Trevor Phillips This email address is being protected from spambots. You need JavaScript enabled to view it.
07889 153 628

On Thursday 30 May, PCR will be exhibiting at the fifth annual Hillingdon Business Expo organised by the Hillingdon Chamber of Commerce and hosted by Brunel University London. We will be amongst several other local businesses celebrating all that is great about doing business in the London Borough of Hillingdon.

You can find our exhibition stand (number 41) on the first floor in Newton Room where we will be available for a friendly chat discussing how our business operates and the services we can provide to local businesses in the area. We will also be available to meet with any students who may wish to find out a little bit more about insolvency and what it’s like to work in our industry.

For those of you who may be interested in attending, you can book your free tickets using the following link http://hillingdonexpo.com

We look forward to seeing you all on 30 May.

At the start of last year, the collapse of Carillion came as a shock to many with a huge cloud of uncertainty suddenly shrouding the construction sector. Many questions suddenly sprung to mind, including what effect this would have on sub-contractors and uncompleted projects, not to mention the impact on jobs and pensions.

According to many industry experts though, the spectacular downfall of the UK’s second biggest construction industry was inevitable, especially with the £1.3 billion of senior debt hovering over the company and a pension deficit of more than £600 million. Throw in the £1.5 billion it owed to its 30,000 supply chain and you get an idea of the enormous strains the company was operating under. In fact, with such huge debt, it was no surprise that many were suggesting that Carillion had in fact been trading whilst being insolvent for many years.

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We want to do well by doing good. This year we are proud to be members of Heart of the City. They are supporting us to develop a responsible business programme that will help us have a positive impact on people, places and the planet.

During 2019 we will be developing activities around connecting with and supporting our local community, making sure our business practices are environmentally friendly and improving our workplace for employees. We are excited to keep you updated with what we are doing!

In February 2017, PCR reported on the significant rise in personal insolvencies, with a gargantuan 90,930 personal insolvencies being recorded in 2016. Not only were the results alarming, but they were also the highest recorded since 2010.

We cited several reasons as to why the figures were so high, most notably with individuals taking advantage of the cheap credit available to them and the low interest rates, seeing a plethora of households inadvertently over-stretch themselves. Furthermore, a report published by the Money Advice Service in 2016 highlighted young adults, single parents those renting their homes or part of a larger family as those most likely to be affected by severe debt.

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