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.
Find businesses for sale here.
If you are looking for an exit, we can help!
An exciting opportunity to purchase a North East specialist contractor providing diamond drilling & sawing and fire protection services. The leading North East specialist drilling & sawing contractor, with an excellent reputation and an expert servic...
The business has been solving access problems for its industrial, commercial and domestic clients since 1977. The company hires and erects aluminium scaffold towers, bridging units, cantilever and facade scaffolding plus staircases. All scaffold towe...
Long-established Essex industrial roofing and cladding providers, the business is located in a prominent trading position.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.