Begbies Traynor has revealed his role with a civil engineering contractor, earthworks contractor and concrete framing specialist headquartered in Dorset, securing a long-term investment that has saved 150 jobs.
Woodmace, established in 1986, was acquired by former founder and owner John Oak.
The new company’s trading name is Woodmace Concrete Structures Ltd, although it will continue to be known as Woodmace.
The assets and business of Woodmace Ltd and Woodmace Plant Ltd are under the new ownership, with both entities placed in administration due to cash flow difficulties.
Through new owner Oak, the assets and business were bought back from administration on the same day. This has allowed work to resume on a series of developments in the south of England where Woodmace is either a prime contractor or sub-contractor.
Begbies Traynor South West manager Andrew Hook, along with colleagues Jeremy Karr and Simon Killick, have been appointed to oversee the transfer of control through prepackaged administrations, with ownership reverting to Oak’s company.
When the deal was announced, Oak said: “Woodmace is a well-respected brand with a dedicated and loyal staff, and the long-term investment protects 150 jobs and means business is business as usual, with the same quality, professional service.
“It is important to stress that the former Woodmace was doing well but, in an issue that will resonate with far too many people in the construction industry supply chain, the company was unable to to collect large sums owed to him.
“As a result, there was no alternative for the directors but to place the company into administration.”
He added: “The Woodmace name, with a proud pedigree of 36 years and over 1,000 completed projects, means so much to all of us here, and I am able to help.
“Looking ahead, Woodmace Concrete Structures Ltd will continue to operate with many of the same highly skilled employees and machinery.”