Struggling piling contractor sold

摘要

Founda has bought Derbyshire-based piling contractor All Foundations (UK). All Foundations (UK) has a turnover of £13M and 35 staff. The firm went into administration on 17 August after suffering "significant disruption" to its revenue and cashflow since the start of the pandemic according to administrators FRP Advisory. The business and its assets were sold to Founda on the same day. Four of Founda's directors are also directors of All Foundations, including finance director Jonathan Dennis and operations director Neal Willis. Based on its last filed accounts, All Foundations owed its creditors £4.3M, but also showed pretax profits of £109,000. An FRP spokesperson said: "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 [protection of employment] transfer of all 35 employees. The business continues to trade and operate." Most recently, the foundations specialist worked for Sir Robert McAlpine on a £100M Birmingham development.