Jobs saved after buyer found for troubled concrete firm
A North Yorkshire business has been saved from closure and its future secured after being bought by a Nottinghamshire firm.
Ebor Concretes, based in Ripon, had faced an uncertain future due to ongoing financial difficulties. However, an acquisition by JP Concrete Products, of Nottinghamshire, resulted in a deal that has given a new life to the business while also rescuing the jobs of its 26 staff.
JP Concrete Products director, Philip Cavalier-White, said: “We saw great value in the team of people and are excited about the future as we develop the site and staff as part of our wider business.”
Leeds-based Armstrong Watson’s restructuring and insolvency partners, Rob Adamson and Mike Kienlen, were engaged to assist with an accelerated sale of the business through an administration on 17 November 2021.
Working with BPI Asset Advisory, they were able to generate interest in the business and had two bidders keen to proceed. But the company’s director unexpectedly died at the end of November.
Adamson said: “Our job is to help people and businesses address their challenges and find solutions. The director’s sudden passing caused a few issues, however we worked with the family who were keen to proceed with the sale.
“The strategy was simple – keep the business trading whilst we tried to complete the sale process.”