680 jobs saved as nmcn divisions sold to investor Svella

Aaron Morby 1 year ago
Share

Private investment vehicle Svella has swooped to buy the telecoms, plant hire, transport and accommodation operations of failed contractor nmcn out of administration.

Andrew Tinkler, Svella chairman, said the deal secures jobs and contracts for national telecoms clients
Andrew Tinkler, Svella chairman, said the deal secures jobs and contracts for national telecoms clients

The firm has been working in the wings after revealling last June that it hoped to rescue nmcn with a £24m refinancing deal, which it never managed to agree terms on with the nmcn board.

The deal to buy three nmcn business units from administrator Grant Thornton secures over 680 jobs.

A further 900 jobs have been saved by Galliford Try’s deal to buy the nmcn water business.

Since nmcn announced its intention to appoint administrators on Monday, Svella has been working with Grant Thornton to consider options within a short timeframe to secure the best future for the businesses and employees.

Joint administrators were formally appointed last night allowing terms to be agreed to acquire the businesses.

The acquisition by Svella will enable the telecoms division to continue servicing customer contracts, including telecoms infrastructure services for BT, Virgin Media and CityFibre.

The purchase of the plant hire, transport and accommodation businesses, which include an extensive fleet of plant, machinery, vehicles, mobile offices and site cabins, allows Svella to supply the telecoms business with the assets it needs to successfully trade.

Svella said it now had an extensive platform to exploit the growth potential of the telecoms business in the expanding sector, while developing a full plant hire offering for third parties.

Andrew Tinkler, Svella chairman, said: “Nmcn was one of the UK’s fastest-growing telecoms contractors and was actively supporting the government’s ambitions for nationwide coverage of ultrafast fibre broadband through a number of significant infrastructure contracts and frameworks. We aim to continue to deliver on these ambitions.

“These business divisions have growth potential and we will work closely with management teams to develop a comprehensive strategic plan and provide the support and investment to deliver operational excellence, enhance their customer proposition and facilitate growth.”

Svella is also a secured creditor over the operating properties of the nmcn business, secured against its outstanding bridging facility.

Latest news

Moving in to new markets paying off for McLaren

Contractor carving out new niche as leading player in heavy refurbs
2 days ago

Plan to add retentions record to payment reporting law

Government consults on tougher reporting to include disputed invoices and retention policies
2 days ago

Morgan Sindall wins £88m Beckton DLR depot upgrade

Delayed work to start on Docklands Light Railway train maintenance depot in East London
2 days ago

Hare and Severfield win £250m Sellafield deal

Country's two biggest steelwork contractors secure 17-year framework
2 days ago

Max Steward returns to head up ISG’s Agility fit-out arm

Former ISG project director returns after three years to take up MD role
2 days ago

McLaren wins massive Portland House refurb

Construction to start this year on £380m revamp of 28-storey building in central London
3 days ago

Green light for £275m HS2 Midlands nerve centre

Trio of contractors battling it out to win huge new depot near Birmingham
3 days ago

Winners named for Government £10bn offsite framework

29 firms secure places on mega framework for schools, healthcare, defence and justice jobs
3 days ago

ISG, Amey and Costain now industry’s quickest payers – list

Average payment times from main contractors slip by a day
4 days ago

Staff at Outco Surfacing start looking for new jobs

Administration notice filed two years after acquisition of NMC Group
3 days ago

£4.75m building work provision tips Higgins into the red

Partnerships business counts cost of changes to building safety rules
3 days ago

John F Hunt snaps up London temporary works design firm

Demolition contractor buys geotechnical and structural engineering design specialist RKD Consultant
3 days ago

Vital Energi lands £13m package at Plumstead regen site

Specialist will start on site this summer helping to transform the former home of Arsenal FC
3 days ago

Galliford Try to start £14m Scunthorpe Market scheme

Firm will build NHS staff accommodation and offices in two phases
3 days ago

Vast £500m British Library expansion go-ahead

London Mayor still needs to give final nod to 800,000 sq ft extension at St Pancras site in London
4 days ago

Wates names new chief executive

Cork-born Eoghan O’Lionaird to join later this month
4 days ago

Keltbray director joins Barhale as North East chief

Mark Wood heads operations in Yorkshire and North East England
4 days ago

Major London City building green deep retrofit approved

St Bride’s Tavern near Fleet Street will be demolished for the building expansion
4 days ago

Gilbert Ash lands starring role in £38m Welsh theatre revamp

Contractor to start work this year on Theatr Clwyd upgrade
4 days ago

Property clients to ramp up spending on decarbonising

Survey reveals nearly half of property chiefs plan to speed up spending on net-zero programmes over next twelve months
4 days ago

Average self employed labour rates top £1,000 a week

Average weekly earnings reach high for skilled trades
5 days ago

BAM wins £49m Harrogate Convention Centre revamp

Local council hopes to sanction work start this autumn
5 days ago

Renaker to top-out Manchester with 71-storey skyscraper

Developer lifts the lid on planned five-building cluster for phase 3 of Great Jackson Street development
6 days ago

Costain bridge lift delayed by ground conditions

National Highways chiefs postpone planned lifting operation
5 days ago

Nexus sells utilities and EV contracting arms for £78m

Group to now focus on remaining business at south east housing civils contractor Tamdown
5 days ago

Speller Metcalfe lands lead role on £40m Tamworth revamp

Town centre to be transformed under ambitious plans
5 days ago

Scaffold boss banned over covid loan abuse

Eleven-year director ban after misuse of £50,000 loan
6 days ago

Gove issues six weeks ultimatum to sign building safety contract

Developers told to sign Government contract issued today or be banned from building homes
6 days ago

Firm fined £120,000 for lifting two builders in a telehandler bucket

Rochdale builder Hoyle Developments fined after repeated safety breaches
1 week ago

Hunt quashes reports HS2 will stop at Old Oak Common

Chancellor says no "conceivable circumstance" where HS2 would not terminate in Central London
1 week ago

Contractor services