MBO saves 300 jobs at Hewlett

A MANAGEMENT buyout has saved around 300 jobs at civil engineering firm Hewlett which was placed into the hands of administrators earlier this week.

The move will see the management team to acquire the assets, retain the employees and keep the Leeds-based operation alive.

John Duffy and managing director Alan Cooper are behind the MBO.

Mr Cooper hit out at the company’s lender after claiming its bank had called in the administrators.

He said: “We are extremely disappointed by the banks decision to call in the administrators. It was a hostile move and a judgement which was premature and not backed by the directors.

However, I’m pleased that the acquisition of the business and assets has been completed so quickly, ensuring the future of the business and of its employees.

“I am extremely grateful for the support of the staff and clients in what has been a difficult few days for the company, and remain confident the business will soon regain its momentum.
 
“Hewlett is a 25-year old business with a strong identity and successful track record. Renewed independence will enable us to continue to develop the business in the direction that we choose and respond quickly to a challenging market whilst focusing on the needs of our clients and our employees.
“We look forward to continue to serve our core client base in the UK, while also looking towards opportunities overseas.”

The Leeds-based firm, which has been trading since 1987, and operates from offices in Leamington Spa and Perth has in recent times counted Lend Lease, SSE and Network Rail among its clients.

The buyout means the business will continue to trade as Hewlett in future.

It is hoped most contracts will be maintained following the MBO keeping any job losses to a minimum.

The resurrected firm will continue to operate from the Head Office at Thorpe Park in Leeds and its training division will also remain in operation at Cross Green.

A team from the Leeds restructuring and insolvency group at Squire Sanders, led by partner Laura Crawford, was the lead advisors on the administration.

Ms Crawford made the appointment of BDO as administrators to the companies and advised BDO in their capacity as administrators.

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