This site uses cookies; by continuing to use our site you agree to our use of cookies. More details in our privacy policy. Close

 

 

Demolition contractor sold via pre-pack 27 February 2014

All 19 jobs were preserved at a Birmingham-based demolition and ground works contractor after the business was sold out of administration via a pre-pack agreement.

Founded in 2007, Democon worked across the Midlands region during a challenging period of the construction industry, with an annual turnover of £2.75m in 2013.

Democon began facing problems after a number of contracts were suspended indefinitely and a disputed bill amounting to £150,000.

Chris White and Gareth Rusling of The P&A Partnership were appointed joint administrator to the company on 13 February, and carried out a sale of the business shortly thereafter.

Rusling said: “Democon has endured a torrid time during the recession, but this deal has rescued the business and the jobs of all employees.

“The business and assets have now been sold to Democon UK Limited and they will be working to fulfil key contracts while also helping to collect all money owing.”

 

 

blog comments powered by Disqus