Wed, 02 Feb 2022 | BUSINESS SALE
Precast specialist Ebor Concretes has been acquired out of administration by JP Concrete Products Ltd after administrators for the firm conducted a successful accelerated sale process. The Harrogate-based company was placed into administration in mid-November 2021, with restructuring firm Armstrong Watson engaged to run an accelerated sale process.
Joint administrators and Armstrong Watson partners Rob Adamson and Mike Kienlen then continued trading the business while seeking a buyer, with the sale to Nottingham-based JP Concrete Products completing on December 16. The sale was successfully closed despite the unexpected death of an Ebor Concretes director in late November.
The director, David Brennan, had acquired the firm out of liquidation in February 2019, but passed unexpectedly on November 30th 2021, with the sale out of administration still ongoing. The sale to JP Concrete Products ultimately preserved the jobs of Ebor Concretes’ 26 staff.
Ebor Concretes was founded in 1942 and remained under family ownership up until its sale to Amber Precast in April 2016. However, the company then entered liquidation in 2019 after experiencing trading difficulties. Following its subsequent acquisition by David Brennan, the company then returned to administration last year, with its struggles attributed to the continuing impact of the COVID-19 pandemic on workloads and cashflow.
Armstrong Watson worked alongside BPI Asset Advisory on the administration and was able to generate interest in Ebor Concretes, with two bidders having been keen to proceed with a deal prior to Brennan’s passing.
Joint administrator Rob Adamson said: “The director's sudden passing caused a few issues, however we worked with the family who were keen to proceed with the sale. The strategy was simple – keep the business trading whilst we tried to complete the sale process. After a challenging 10 days of trading the business, we managed to complete a sale to the third party at 6pm on 16th December 2021.”
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