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

Grant Prior 2 weeks ago
Share

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.”

Latest news

Forterra hikes brick prices by 10%+ with more rises to come

Demand continues to surge and costs increase for masonry products giant
3 hours ago

Go-ahead for £40m Manchester spec office scheme

Local firm PP O'Connor to demolish Speakers House for 17-storey office block
3 hours ago

Spanish giant lands deal to build £683m waste power plant

New plant will turn black bin bag waste into electricity
22 hours ago

Henry wins six Ealing council housing projects

Henry Construction secures £40m West London council homes deal
4 hours ago

Landsec eyes £825m Glasgow Buchanan Galleries rebuild

Glasgow's mammoth shopping mall could be demolished for mixed-use city quarter
17 hours ago

Mace lands £300m London court and police complex

Main construction works to start on Fleet Street site this autumn
20 hours ago

Graham bags £30m Birmingham build to rent job

Work set to start Crown Works residential scheme in the Colmore Business District
2 hours ago

Balfour Beatty names new investment arm chief

Leo Quinn promotes former major projects finance director Gavin Russell
20 hours ago

M1 fraud probe exposes contract management problems

M1 J13-16 investigation finds £320,000 of central barrier scrap metal went missing
1 day ago

Beaumont Morgan Developments goes into administration

Begbies Traynor now in charge of £47m turnover Manchester contractor
1 day ago

Green light for major overhaul of Surrey pharma campus

Kier and Mace bidding for revamp project with three storey glulam building at its heart
1 day ago

Morgan Sindall hires Crossrail safety director

Carole Bardell-Wise joins infrastructure business as SHEQ Director.
1 day ago

Galliford Try bags £28m Dover inland border control facility

Major inland border facility to be built alongside the A2 outside of Dover
1 day ago

Plans go in for £280m Leeds Whitehall Riverside scheme

Major office and flats scheme to be built next to River Aire
1 day ago

Roofer dies in six metre plunge through asbestos sheets

Court hears no safety nets were fitted on site
2 days ago

Subbies stop working for Beaumont Morgan Developments

Manchester based contractor was delivering Fortis Quay for associate development company
2 days ago

Gove threatens ban on cladding suppliers failing to pay for retrofits

Cladding and insulation suppliers now in firing line for cash for £9bn post-Grenfell remediation bill
3 days ago

Bill for £22bn HS2 extension to Manchester goes to Parliament

52-mile extension of HS2 to Manchester via Manchester Airport will support 17,500 construction jobs
2 days ago

Galliard scoops up trio of sites for schemes worth £265m

Sites in Redbridge, Ipswich and Milton Keynes to be developed
2 days ago

Plans in for 350-flat Salford student scheme

Developer X1 hopes to start 15-storey building later this year
2 days ago

Green light for Birmingham Paradise landmark hotel

17-storey hotel will be the 'cornerstone' of Phase 2
5 days ago

Structural steel price jumps another £50 a tonne

British Steel blames New Year's price hike on continuing high product costs
5 days ago

Enabling works start at £400m Manchester First Street

Downing to start main construction in March of three resi buildings rising up to 45 storeys
5 days ago

Former BAM Nuttall chief to join Murphy

Adrian Savory to start new role as director of Major Projects division next month
5 days ago

Bouygues set for London Tustin Estate 700-home rebuild

Phased building programme to start towards the end of the year
5 days ago

Safety horror show on housing site leads to director ban

Court hears contractor ignored multiple prohibition and improvement notices
5 days ago

JV North calls up local firms for £250m new home works

Framework for home building projects worth up to £2m
5 days ago

Kier more than halves debts to below £200m

Kier chief reports steady progress in first six months of trading
6 days ago

Barhale boosts funds as it looks to rebuild turnover

Contractor confident as water companies ramp-up spending plans
6 days ago

HS2 labour agency looks to float on AIM

£23m turnover labour supply business looks to raise funds for expansion
6 days ago

Contractor services