Wed, 25 Aug 2021 | BUSINESS SALE
All Foundations, a Derbyshire-based piling contractor, has been sold via a pre-pack administration on the same day that FRP Advisory were appointed to handle the firm's administration. The firm, which registered £13.2 million in turnover to the year ending March 31 2020, has been sold to Founda Ltd, a company led by four All Foundations directors.
The sale, conducted by joint administrators Yasmin Bhika and John Lowe of FRP through an accelerate merger and acquisition process, will enable the company to continue to operate with its full 35-strong staff. Prior to the sale, the company had succumbed to the pressures currently impacting the UK construction industry, including COVID-related factors.
In its accounts for the year ending March 31 2020, the company reported pre-tax profits of £109,200 on its £13.2 million turnover. At that time, the firm owed creditors £4.3 million falling within one year and £629,000 falling after one year.
A spokesperson for administrators FRP commented: “The business experienced significant disruption to its revenue and cashflow since the start of the COVID-19 pandemic, due to the impact on the wider construction industry, which led to the insolvency.
“Upon appointment of the joint administrators, the business and assets were sold through an accelerated merger and acquisition process. The transaction has secured the future of the business and enabled the TUPE transfer of all 35 employees. The business continues to trade and operate.”
All Foundations is one of the top piling contractors in the UK, working on jobs nationwide. Some its notable recent contracts include a £100 million right-to-buy construction development in Birmingham for Sir Robert McAlpine and on the North London Waste Authority’s Edmonton facility for Buckingham Group.
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