Mon, 19 Jun 2023 | ADMINISTRATION
A £5 million turnover groundworks company based out of Otley, West Yorkshire has been sold out of administration in a pre-pack deal, saving the jobs of its 15 employees.
Steven Wiseglass, a director at Manchester-based Inquesta Corporate Recovery & Insolvency, and Joanne Hammond, a partner in the Sheffield office of Begbies Traynor, were appointed as joint administrators of YPP Groundworks & Civils Ltd earlier this month.
The business was acquired by a small local company, Yorkshire Pro Paving Limited, which according to its most recent financial accounts to 31st March 2023, is sitting on just £69,000 of retained earnings and called up share capital.
YPP Groundworks & Civils, which was incorporated in 2014, won a series of awards and built a solid reputation undertaking groundworks for domestic and commercial customers in the public and private sectors.
The company grew in size, and in the year to March 2022 generated turnover of £5.7m. However, it experienced pressure on its cashflow due to a large contract being impacted by the pandemic alongside rising material prices, and swung to a loss.
Mr Wiseglass said there was no prospect of securing new funding for the business. He added: “Following our appointment, a number of expressions of interest were made to acquire the business, but only one acceptable offer was received.
"The company has a proven track record across the Yorkshire region and a skilled workforce. The sale represents a better outcome than the alternative of placing the business in liquidation, as it safeguards the jobs of its employees and its existing contracts."
Established for 35 years, founded on the principles of no hard sell, no cold calling and by having service standards second to none is why this business has stood the test of time since its first installation back in the late 80's.
Established high-end residential building and joinery specialist with impressive reputation. Client base operating from extremely well fitted industrial office and warehouse premises in excellent commercial location.
Long-established contractor with impressive reputation and client base offering a wide range of professional repairs, and maintenance to full new-build services.
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