Modular specialist OEP UK lines-up new contracts after prepack deal

Grant Prior 2 years ago

Modular construction company Offsite Engineered Projects UK (OEP UK) is winning work just weeks after buying its sister company out of administration.

The firm has novated contracts with Midgard and Bouygues and is set to sign a new bathroom and utility pod supply deal with Boom Construction in east London this month.

OEP Building Services went into administration late last year owing 135 suppliers £1.7m.

The firm was hit by materials cost hikes on fixed-price contracts, project delays and a string of bad debts as regional contractors went under owing money.

An administrators report filed at Companies House revealed full details of the firm’s debts and its pre-pack sale to a sister company.

OEP also owed £423,687 of a £500,000 government backed Coronavirus Business Interruption Loan which the firm secured in July 2020 from the Northern Powerhouse Investment Fund.

The report confirms that OEP was sold to sister company OEP UK in a pre-pack deal for £85,000.

The firms share two directors and Companies House records show Offsite Engineered Projects UK Ltd was formed in May 2019 and its latest filed accounts show assets of £33,404.

The sale saved the jobs of 88 employees who transferred over to the new owners.

OEP UK managing director Iain Crabtree said: “In October we made the difficult decision to put OEP in to administration but did so with a plan to retain as many employees as possible and novate some existing contracts across to the new company. We did this successfully and have an order book taking us to Q4 2022.

“Going forward we are looking to rebuild our customer base and project portfolio. Our product and capabilities haven’t been diminished and we have streamlined the business by reducing overheads and reviewing salaries. Testament to the belief we have in OEP UK is that the owners have injected their own money to get it operating.”

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