Administrators of one of the north west’s largest building contractors have appointed CAPA to audit properties across the business.
Corporate restructuring and advisory firm Grant Thornton has appointed CAPA to audit sites occupied by Pochin Construction Ltd – a contractor that entered insolvency last year after experiencing serious financial problems stemming from residential building contracts.
Pochin was one of several firms within a construction and property development group, established more than 80 years ago. The group delivered projects around the north west and at its peak, was posting £60m in turnover.
But into the first half of last year, the company faced financial distress due to a legacy residential contract. The business also experienced challenges in securing bridging financing and trying to secure new contracts. Eventually Sarah O’Toole and Jason Bell of Grant Thornton were appointed administrators in August 2019.
While trying to find a resolution for the business and recover debts for creditors, the administrators have now appointed CAPA to conduct a property audit on 35 sites occupied by Pochin.
This means CAPA’s Audit team will use bespoke software to conduct a forensic inspection of data relating to costs paid out across the 35 properties.
The team will analyse the information to uncover any anomalies, errors or overspend, before recovering any overpaid sums for the creditors of Pochin.