Piling contractor All Foundations (UK), which has a turnover of £13m and 35 staff, has been bought in a pre-pack administration sale.
The company suffered “significant disruption” to its revenue, according to joint administrators at FRP Advisory.
The business and its assets were sold to a company called Founda Ltd, on the same day, through what is termed an accelerated merger and acquisition process.
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 it did show profits of £109k
The FRP spokesperson said: “The business experienced significant disruption to its revenue and cashflow since the start of the COVID-19 pandemic, due to the impact on the wider construction industry, which led to the insolvency.
“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 transfer of all 35 employees. The business continues to trade and operate.”
Most recently, the contractor carried out piling jobs for Sir Robert McAlpine on a £100m build-to-rent development in Birmingham, and for Buckingham Group at the North London Waste Authority energy-from-waste facility in Edmonton, north London, a job it completed last August.