A construction, maintenance and water infrastructure repair firm has been sold out of administration, preserving the jobs of 43 staff.
R. and K. Landscaping Limited entered administration following a “sharp deterioration in trading conditions earlier this year”.
Chris Stirland and Phil Pierce of FRP Advisory were appointed as joint administrators to the company on 27 September, securing a sale of “much of the underlying business” to Alliance Construction Solutions Limited.
Stirland, partner at FRP Advisory, said: “We have secured the future of much of this well-known Nottingham-based construction company, securing 43 jobs in the process under a new company structure.
“The business had traded successfully for a number of years until a tough economic climate in recent months affected its cash flow, putting unsustainable financial pressure on its previous corporate and financial structure.”
Administrators had marketed the business of R. and K. Landscaping for sale during August and September, where a “number of options were explored to try to safeguard the business”.
Prior to entering administration, the company employed a total of 105 staff.
Alliance Construction is managed by Jason Gregory, John Mattinson and Andrew Wood, all former directors of the R. and K. Landscaping, ensuring a “continuity of management and service for on-going business”, which continues to trade as normal.
Stirland said: “We are exploring options regarding the future for the remaining parts of the R. and K. Landscapes business and its associated staff in the interests of all concerned but at this stage there can be no certainty about any outcome.”
Alliance Construction will continue to trade from the same premises in Kirkby-in-Ashfield under a new rental agreement.
The joint administrations are currently marketing the freehold ownership of the premises for sale.