Mon, 16 Nov 2015 | BUSINESS SALE
More than 300 jobs have been saved after a pre-cast concrete specialist was bought in a pre-pack administration deal.
Cheshire-based Buchan Concrete Solutions fell into administration on Friday 6 November. A week later Rob Brown, the company's founding director, completed a deal to buy the assets of the business through another company he owns, Buchan Concrete Products.
While the acquisition has saved the jobs of Buchan Concrete Solutions' 340 employees, it has left many suppliers out-of-pocket and angry, the Construction Enquirer reported.
One such creditor told the publication: "I’m not owed a lot of money, but its the principle of the whole thing. I’m none the wiser as to what has happened, I have just been notified the firm is in administration."
A statement from the management team at Buchan Concrete Products, which had been called Strategic Management Consulting from when it was created three years ago until 15 October 2015, said: "The business has experienced challenging trading conditions in the recent months caused by problematic design and build contracts which had a knock on impact on cashflow and on Friday 6 November, Ted Wetton of Gibson Booth was appointed as administrator."
The latest accounts from the company show that Buchan Concrete Solutions was forecast to reach £37 million turnover this year and return to being a profitable business, having recorded loses of over £800,000 and £500,000 in the previous two years.
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