Nottingham-based Founda, which bought piling contractor All Foundations when it collapsed last year, has itself gone into administration and been bought.
The company entered administration with FRP Advisory on 30 March 2022.
It was then bought by Liverpool-based construction firm Carpenter Build (CBL) and its subsidiary Carpenter Foundations.
The pre-pack deal cost CBL just over £105,000, with plant and equipment making up around £65,000.
Other assets sold included the company’s work in progress, stock and goodwill.
The sale comes less than eight months after Founda purchased the £13M turnover Derbyshire firm All Foundations in a pre-pack administration deal.
According to accounts published on Companies House on 14 April, Founda made a loss of about £60,000 in the five months up to the end of February 2022.
The report added that the company had suffered continuous cash pressures due to finance costs and ransom creditors inherited from All Foundations.
During this period one of the ex-directors personally invested around £150,000 into the company to alleviate the pressures on cash flow.
However, to keep the business trading a further “substantial cash injection” was required.
A non-connected third party had demonstrated interest in purchasing shares of the business. But on receipt of the company’s up to date accounts, the third party withdrew its interest in the shares.
Founda, which was incorporated in 2008 but had been trading for 22 years, had arrears with Her Majesty's Revenue and Customs (HMRC) and overdue creditors, with some supplies on stop.
Since incorporation the company has traded as a specialist civil engineering company providing piling and restricted access services. The specialist services include piling disciplines, open site piling, restricted access mini piling and level innovative piled slabs.
The company’s 33 permanent employees have all been transferred to the purchaser under the transfer of undertakings (TUPE) - an employment protection regulation.
Want to read more? Subscribe to GE’s enewsletters and follow us on Twitter and LinkedIn
Tagged with: Carpenter Build Civil engineering construction Founda industry Piling
Italian soil engineering specialist Trevi Group’s Algerian subsidiary is working on foundations…
Ground engineering contractor Central Piling has solved a deep foundations challenge at…
Van Elle has reported a full-year pre-tax profit for the first time…
Yorkshire Water has allayed fears of a "sinkhole" after confirming that damage…
Sign in or Register a new account to join the discussion.
Business, International, Project, Industry, Weekly