Thu, 29 Aug 2024 | BUSINESS SALE
A building firm based in Derby has been acquired in a pre-pack deal. Pride Park-based Hodgkinson Builders, known for featuring in the BBC Three series Brickies, has been acquired by East Midlands Masonry for an undisclosed sum.
The deal includes the sale of all of Hodgkinson’s existing brickwork contracts, but separates it from the business’ social housing division. Following the acquisition, the newly-formed business will operate under the name East Midlands Masonry, while trading as Hodgkinsons.
Hodgkinson Builders Limited was established by founder and director Ian Hodgkinson in 1990 as a family-run bricklaying business based in Ilkeston and specialising in commercial brickwork projects.
In the company’s most recent accounts, for the year to March 31 2023, its fixed assets were valued at £1.1 million and current assets at £4.8 million. Net liabilities, however, totalled around £3.7 million at the time.
The pre-pack sale of the brickwork business secures staff and tradesperson jobs, as well as preserving contracts and maintaining customer relationships. Assurances have also been made that apprentices will be able to continue their training and education.
The buyer, East Midlands Masonry Limited, was formed in June of this year, according to Companies House filings, with the main controlling interest listed as Birmingham-based property firm Nurton Developments.
In a statement, a spokesperson for the company said that the new business is “well-funded and well-equipped to move forward with its workforce” and that the deal would “ensure the company becomes stronger and fitter” while protecting jobs. They added that they were confident of a seamless transition following the acquisition.
The acquisition comes weeks after Hodgkinson filed a notice of intention to appoint administrators (NOI) at its social housing division, which it said had been affected by inflation, the rising cost of living and related financial pressures on construction firms. The company remains in discussions with other potential buyers over a sale of the social housing division.
The spokesperson stated: “With the group’s social housing division potentially entering new ownership in the near future, there is hope for a fresh start, with opportunities for improved efficiencies and renewed growth. We are optimistic that a wider resolution for the social housing sector is on the horizon, potentially bringing an end to the challenging period the industry has faced since the onset of COVID-19.”
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