A comprehensive investigation into the downfall of Henry W Pollard and Sons Ltd, a Bridgwater-based building firm burdened with more than £15 million in debts, is expected to extend well into 2026.
The company, which operated in Bridgwater and Plymouth for over 161 years, was placed into liquidation in 2021 after uncovering a staggering £4.9 million deficit in its pension scheme. Since then, a leading law firm, Weightmans, has been commissioned to scrutinize “pension-related misrepresentations” found in the company’s financial statements.
Weightmans, a national law firm with offices in eight cities, was engaged two years ago and has already been compensated over £19,000 plus VAT. Barristers are also involved in the ongoing inquiry. According to a recent report from joint liquidators Bishop Fleming, the probes include detailed interviews with major creditors and company directors to clarify the company’s financial conduct leading up to insolvency.
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The report states: “We have interviewed one of the largest creditors to understand the representations made by the company and its directors in the lead-up to insolvency proceedings. These interviews were supported by Weightmans solicitors.
“Furthermore, we have interviewed certain company directors, again supported by Weightmans, to understand their comprehension of the representations made to creditors and the reasons behind the accounting approaches resulting in qualified audited accounts.
“We have invited further creditors for interviews, focusing on the largest creditors by claim value who are not in insolvency proceedings, and encourage others to come forward.”
Liquidators have been methodically reviewing company records and board minutes to ascertain the actions and decisions made prior to liquidation. They anticipate continuing this work through 2025 and 2026, with ongoing legal consultations to determine potential courses of action.
Henry W Pollard and Sons Ltd’s collapse disrupted numerous projects across the South West, including Plymouth’s £13 million Teesra House apartment block at Mount Wise. Despite efforts, the company’s financial fallout has left many creditors and projects in limbo.
Earlier reports revealed that approximately £970,000 in assets have been realized, including the sale of a Somerset commercial property for £45,000 and £70,000 recovered from a debtor. Lloyds Bank, holding a charge over the firm’s assets, has been repaid £400,000, and preferential creditors—including over £230,000 in unpaid taxes and 30 employees owed almost £36,000—have been settled in full.
Originally, 365 unsecured creditors were estimated to be owed £8.7 million, but the liquidators have registered claims totaling £15.3 million from roughly 200 creditors. This increase stems chiefly from four claims worth about £5 million related to live contracts, which were omitted from the directors’ statement of affairs four years prior. Additionally, Somerset District Council is owed over £1 million.
Unsecured claims include numerous small and mid-sized companies across the South West, such as Plymouth-based XCAV8 (SW) Ltd, Beaumont Drylining Ltd, and PCB Electrical Service.
Liquidators expect to distribute some payments to unsecured creditors once they receive definitive legal guidance concerning the ongoing pension-related investigations.
Before its collapse, Pollard was involved in significant building projects throughout the West Country and maintained profitability and healthy turnover prior to the COVID-19 pandemic. However, the administration of a key client in 2019 resulted in a £715,000 loss. Notable projects included the Kingsditch Industrial Units in Cheltenham, Weston Mews townhouses in Bath, Alexander House care home in Exeter, and the near-complete Teesra House building in Plymouth.