Contractor pre-packed for second time

A Nottingham company that bought the assets of collapsed piling specialist All Foundations (UK) has itself fallen into administration and been pre-packed.

Derbyshire piling contractor All Foundations (UK) was first placed into the hands of administrators FRP Advisory last August after being hit by “significant disruption” to its revenues during the pandemic.

It was sold for £180,000 in a pre-pack deal to Nottingham-based Founda which enabled the TUPE transfer of all 35 employees from the £13m revenue Blackwell-based specialist All Foundations. Around £3.2m was owed to creditors.

Now eight months later, Founda has itself failed owing around £880,000, including a £43,000 bounce back loan and £97,000 to All Foundations in administration.

Founda has been pre-packed by administrators from FRP Advisory to Liverpool-based student accommodation contractor Carpenter Build and its new subsidiary Carpenter Foundations for £105,000.

The new company will be part of the Carpenter Investments group, which specialises in the development and management of PRS and student accommodation assets and has a property portfolio of more than £200m.

A spokesperson for Carpenter Investments said: “Founda had suffered as a result of the pandemic and the current inflationary environment. Nevertheless, the company has an excellent track record at delivering large scale, complex foundation solutions.

“It had retained the loyalty of both an excellent, highly skilled long-standing workforce and a quality customer base. We are confident that with the backing of a financially secure parent company, the business can be turned around.”

All 33 staff have been TUPE transferred to the buyer.

John Lowe of FRP added: “Cashflow is critically important to every business and challenges in this area can quickly mount.

“This transaction enables the business to continue trading and we wish it all the best under new ownership within the Carpenter Investments group.”