Keltbray buys nmcn infrastructure business

Grant Prior 2 weeks ago
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Keltbray has agreed a deal to acquire a portfolio of infrastructure contracts and associated assets from nmcn which went into administration last week.

The latest move secures the futures of 117 former nmcn employees and Keltbray will take over existing contracts with immediate effect.

Some infrastructure contracts were not transferred as part of the deal leading to 19 redundancies

The acquired contracts will be managed within Keltbray’s existing infrastructure division reporting to Managing Director, Phill Price.

Keltbray CEO, Darren James said: “Keltbray are pleased with the ‘on strategy’ opportunities presented by the acquisition of these contracts, working with clients on some of the UK’s most important infrastructure projects.

“Today’s announcement accelerates our plans to build a resilient, growth-oriented business.  Equally important, we have also safeguarded 117 valuable jobs and livelihoods that could otherwise have been lost to our industry.

“The acquisition has required a very rapid, but collaborative approach, and Keltbray would like to thank all parties for their proactivity throughout.  I look forward to working with my new colleagues as we build a rewarding future together as one Keltbray.”

The Keltbray deal is the final sell-off of nmcn which went into administration last week.

Galliford Try bought the water business for £1m saving 900 jobs while Svella picked-up the telecoms, plant hire, transport and accommodation divisions saving 680 jobs.

Administrator Grant Thornton was unable to find a buyer for the building division leading to 80 redundancies.

Spokesperson for Grant Thornton, Rob Parker said: “We are very pleased to have secured this third sale which means that within less than a week of our appointment we have secured over 1600 jobs and helped to maintain continuity and minimise the impact for the greater majority of nmcn’s customers, many of which were involved in important infrastructure projects across the UK. It was important to ensure that transactions were completed as quickly as possible.

“Sadly it was not possible to transfer all of the Infrastructure contracts and therefore regrettably we have today announced 19 redundancies.

“Our focus as administrators now turns to assisting the purchasers of the various parts of nmcn with post completion matters and dealing with the other assets of the company.  We will be providing further updates in due course.

“The Joint Administrators would like to thank the efforts of Lee Marks, Alan Foster and the nmcn and Grant Thornton teams for their hard work in achieving these sales.”

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