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Buyer found and jobs saved at Derbyshire construction company
Richard Pinder and Sean Williams, of Leonard Curtis Business Solutions Group, were appointed administrators of Ilkeston-based Whytemount Civils Limited on 4th August 2021.
The business - a construction and civil engineering company - was incorporated in 2015.
It had suffered financial difficulties due to a number of factors relating to the COVID-19 pandemic. This included delays to contracts as a result of the government restrictions, a shortage of materials, increased cost of supplies, and a lack of skilled labour to complete existing works all had a detrimental impact. Also, a significant reduction in ongoing works resulted in a downturn in turnover.
Despite the company directors working hard to turn the situation around - including raising additional funding and investing personal funds - the business reached a point where it was not able to trade out of its financial difficulties.
Leonard Curtis Director Richard Pinder met with Directors in July 2021. Following this meeting, the professional advisory firm liaised with stakeholders and undertook an accelerated marketing campaign in an attempt to sell the business.
This resulted in 11 expressions of interest and a sale was completed to Rhino Civils Ltd, which is an connected party, on 4 August 2021 - the day the administrators were appointed. The sale saved the jobs of the companyes 8 employees.
Richard Pinder said: Unfortunately, market conditions have resulted in Whytemount Civils being unable to continue to operate. However, the team here at Leonard Curtis and our partner advisers have delivered the best possible result under the circumstances.
The transaction had to be completed in a very short timeframe, which was governed by the lack of working capital within the company. We believe that the pre-pack has maximised asset realisations for creditors and, most importantly, safeguarded the employees livelihoods. Wed like to thank the company directors of for their co-operation in what was a very distressing time for them.
Richard Crofts, Managing Director of Rhino Civils Ltd, said: We are pleased to have purchased the trade and assets of Whytemount Civils Limited.
The transaction had to be undertaken in a short space of time due to the constraints and pressures facing the business. To have been able to save 8 jobs is pleasing."
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