Wed, 21 Jul 2021 | BUSINESS SALE
Construction services and staffing firm Adeo Construction Services has been successfully sold out of administration by insolvency practitioner SFP. Joint administrators David Kemp and Richard Hunt were appointed to the firm on June 29, closing the sale to Adeo Global Consulting Ltd just over a week later.
Adeo Construction Services had suffered from historic financial difficulties and had been subject to a Company Voluntary Arrangement (CVA). These struggles came during a difficult period for the UK construction sector, with numerous firms falling into administration, which in turn impacted staffing providers like Adeo.
These difficulties were then exacerbated by the onset of the Covid-19 pandemic, which led to the forced closing of construction sites for several weeks, causing a major drop off in business. The impact on Adeo’s cashflow resulting from this forced it into administration.
Prior to its financial difficulties, the company had been a successful provider of staffing solutions to construction companies and major contracts (such as the Crossrail project), with a reported turnover of £1.5 million in 2019.
Following the company’s sale, joint administrator David Kemp said: “The lockdowns during the pandemic were immensely challenging periods for businesses, especially in the construction recruitment sector, with many struggling to manage cashflow.
“We are not only pleased to have helped save the business, but also to have retained and safeguarded all the jobs during these tough times. We advise businesses to seek guidance and help as soon possible in order to ensure continued success.”
Read more about the pressures impacting the UK construction industry and the effect on M&A.
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