Property firm Pinnacle Alliance ushers in ‘positive new era’ following PHD1 collapse

Property business Pinnacle Alliance has completed several projects and recommenced work on other elements of its UK portfolio following the 2016 collapse of former contractor PHD1 Construction Ltd.

The Manchester-headquartered firm said it has worked with its investors to secure the completion and recommencement of various key projects in the wake of PHD1 entering administration in April last year.

Pinnacle Alliance, which believes the progress heralds “the start of a positive new era”, has reached completion on its Plato House project in Liverpool and phase one of Grove House in Manchester, among others.

The company also confirmed that work is now underway on The Xchange scheme in Bradford, with completion due in Q1 2018

Pinnacle Alliance MD Andrew Dixon said: “We experienced serious issues and delays with one of our contractors last year, which in turn went into administration leaving us in a very difficult situation with a number of our developments.

“Since this time, we have worked tirelessly to rectify the situation and recommencements of a number of our projects mark a turn-a- round that we believe is just the start of a very positive year for Pinnacle Alliance.”

Finance director Carl Mills commented: “We are pleased with the progress that has been made on our developments over the past few months, and that we have been able to work with buyers and our new contractors to turn the situation around since PHD1 went into administration.

“Our focus now is on the other projects currently in development as we move forward with new opportunities.”

He added: “Demonstrating to our buyers and future investors alike that the struggles we once faced when working with PHD1 are now firmly behind us.”