Pensions Woe For Pitchmastic
CONSTRUCTION firm Dew Pitchmastic is the latest company to declare itself insolvent because it cannot afford to keep paying into its pension fund. More than 460 UK staff will be affected by the calling in of receivers, which took place after the firm fai
CONSTRUCTION firm Dew Pitchmastic is the latest company to declare itself insolvent because it cannot afford to keep paying into its pension fund.
More than 460 UK staff will be affected by the calling in of receivers, which took place after the firm failed to find a buyer earlier this year.
Although the group's Pitchmastic division is continuing to trade, two of the group's subsidiaries are in receivership, namely Dew Construction and Dew Remediation.
Receivers say the group has simply run out of cash.
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A total of 406 staff are employed at Dew Pitchmastic's construction division in Oldham, while 18 are in Sheffield where the company has its headquarters, and 44 are at its Pitchmastic division, which is still solvent.
The receivers, Hunter Kelly and Charles King, from Ernst and Young, said: "In the past few years, the Group has paid an extra GBP4.6m into the pension scheme, with £1m in the last year.
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