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.”
Find businesses for sale here.
If you are looking for an exit, We can help!
This reputable company is a leading supplier and installer of commercial flooring and hygienic wall cladding, known for its strong relationships and premier installer status with a market-leading manufacturer. With a broad range of installation solut...
This company offers a unique opportunity in the niche market of repair works for fire and flood-damaged properties, serving the insurance industry with a focus on responsiveness and transparent processes. With a vetted network of contractors and nota...
This well-established fourth-generation business provides a comprehensive range of building services for residential, commercial, and industrial clients, boasting a solid reputation and a robust client base. With significant assets, numerous accredit...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.