Pride Park building firm sold in pre-pack deal
A Derby-based building firm has been acquired in a pre-pack deal by East Midlands Masonry.
Hodgkinson Builders has been acquired for an undisclosed sum, which includes the sale of all existing brickwork contracts, but seperates it from its social housing division.
The newly-formed business will operate under the name East Midlands Masonry but will trade as Hodgkinsons.
It secures jobs for staff and tradespeople, preserves contracts, maintains customer relationships and there are also assurances that all apprentices will continue their training and education.
The contracting and brickwork specialist, founded in 1990, is also in discussions with other potential buyers regarding the sale of its social housing division.
Its social housing division has struggled with legacy contracts, ongoing skills shortages, disrupted supply chains, and rising construction costs, compounded by the financial collapse of multiple sub-contractors.
A company spokesperson, said: “The new business is well-funded and well-equipped to move forward with its workforce, strengthening progression for the future. We are delighted to have agreed a deal that will ensure the company becomes stronger and fitter and the jobs of our staff remain fully protected. We are confident that the transition will be seamless.
“With the group’s social housing division potentially entering new ownership in the near future, there is hope for a fresh start, with opportunities for improved efficiencies and renewed growth. We are optimistic that a wider resolution for the social housing sector is on the horizon, potentially bringing an end to the challenging period the industry has faced since the onset of COVID-19.”
