BusinessBusiness RecoveryPwC takes on major London oil refinery administration

PwC takes on major London oil refinery administration

Administrators from PwC take on Thames oil refinery Petroplus

LONDON’S BIGGEST oil refinery has been handed over to administrators from PwC by its Swiss parent company.

Petroplus, which refines 220,000 barrels a day from the Thames, was declared insolvent after the group suffered refinancing issues, a high cost base and high restructuring costs.

The business has around 60 employees, and supplies aronud a fifth of London and the south-east’s 2,000 forecourts.

“Our immediate priority is to continue to operate the Coryton refinery and the Teeside storage business, without disruption while the financial position is clarified and restructuring options are explored,” said PwC joint administrator Steven Pearson.

“Over coming days we intend to commence discussions with a number of parties including customers, employees, the creditors and the government to secure the future of the Coryton and Teesside sites.

Related Articles

SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
Cowgill Holloway concludes sale of film distributor Metrodome

Accounting Firms Cowgill Holloway concludes sale of film distributor Metrodome

1y Richard Crump, Writer
PwC must face MF Global lawsuit over accounting advice

Accounting Firms PwC must face MF Global lawsuit over accounting advice

1y Richard Crump, Writer
FRP Advisory sells Harland Machine Systems to Accraply Europe

Accounting Firms FRP Advisory sells Harland Machine Systems to Accraply Europe

1y Richard Crump, Writer
CVR Global sells DMG Steelworkers out of administration in pre-pack deal

Accounting Firms CVR Global sells DMG Steelworkers out of administration in pre-pack deal

1y Richard Crump, Writer