340 jobs saved as management buys Buchan Concrete Solutions

CHESHIRE-based Buchan Concrete Solutions has been bought out of administration by its own management in a pre-pack deal, saving 340 jobs.

The Middlewich company founded as a tunnelling specialist in the 1930s and with revenue of £29m went into administration 10 days ago when Ted Wetton of Gibson Booth was appointed administrator.

Its activities are now chiefly in the building and construction sector.

According to Construction Enquirer Rob Brown, founding director of Buchan Concrete Solutions, has bought the assets of the business through another company he owns, Buchan Concrete Products.

The report said Brown first launched a business called Strategic Management Consulting three years ago before its name was changed to Buchan Concrete Products on October 15, around three weeks before the main concrete business was placed into administration.

Other former directors Martin Pratt and Chris Foster joined Buchan Concrete Products on 5 November.

A statement from the management team said: “The business has experienced challenging trading conditions in the recent months caused by problematic design and build contracts which had a knock on impact on cashflow and on Friday 6 November, Ted Wetton of Gibson Booth was appointed as administrator.

“The business, which has a turnover of £29m, has announced that it has been bought by its management team and will now trade as Buchan Concrete Products Ltd (BCP). The deal will safeguard all jobs at the company.”

Irwin Mitchell acted for the board of Buchan Concrete Solutions in the administration and for BCP on the purchase.

John Roche and Alistair McHenry of Walker Morris acted for the administrator.