Mon, 27 Jan 2025 | BUSINESS SALE
Over 100 jobs have been saved following the pre-pack sale of Solihull-based Dovetail Group.
The facilities, waste management and fire protection firm appointed administrators FRP on 15 January after the group experienced financial difficulties due to a number of fixed-price contracts.
In its last set of accounts filed to Companies House for the year ended 31 December 2022, the group revealed that it had net assets of just over £169,000 compared with just over £350,000 the previous year.
Creditors' amounts falling due within one year came to £1.8 million, which was up from £1.5 million in 2021.
The average number of employees at the company during the year was recorded at 130, up from 67 the previous year.
The provider of environmental management, passive fire protection, commercial cleaning and landscaping services to clients such as Mitie, the University of Birmingham, Balfour Beatty, Savills and Burger King struggled to secure further external financing. But a pre-pack rescue deal was secured with L&L Group on the same day as FRP's appointment.
All 102 jobs at the firm have been saved, with all staff transferring to the new owner under the TUPE provisions. It is anticipated that the business will continue from its two sites in Solihull.
Martyn Pullin and David Willis, partners at FRP, were appointed as joint administrators of Dovetail on January 15 and immediately secured a pre-pack sale of the company to L&L Group.
Pullin said: "This deal represents a positive outcome for a long-established business wrestling with inflationary pressures and challenging trading conditions. A strong customer base and pipeline of projects made it an attractive acquisition and puts the business in a position to grow under new ownership. We're pleased to have given over 100 employees the peace of mind that comes with knowing their jobs are once again secure."
Find out more about finding and buying distressed assets
Exciting opportunity to acquire a reputable removals business with strong public sector partnerships and national growth potential.
Established security services business with strong client base in the West Midlands, showing solid turnover and EBITDA figures.
Exciting opportunity to acquire a long-standing fencing and landscaping business with a strong commercial client base.
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.