Piling contractor pre-packed for second time

Aaron Morby 2 years ago
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The Nottingham piling firm that bought the assets of collapsed piling specialist All Foundations (UK) has itself fallen into administration and been pre-packed.

Plant and  assets of All Foundations (UK) were sold to Founda in a prepack deal last August. Now Founda has been placed into administration
Plant and assets of All Foundations (UK) were sold to Founda in a prepack deal last August. Now Founda has been placed into administration

Derbyshire piling contractor All Foundations (UK) was first placed into the hands of administrators FRP Advisory last August, blaming covid disruption for its cash crisis.

It was sold for £180,000 in a pre-pack deal on the same day to the Nottingham business Founda, run by former All Foundations directors finance director Jonathan Dennis and operations director Neal Willis.

The deal was backed by a key shareholder at both piling businesses Shahrooz Zojaji and was to be completed through a series of monthly payments.

Hailed as securing the future of the once top 15-ranked piling business, the deal enabled the TUPE transfer of all 35 employees from the £13m revenue Blackwell-based specialist All Foundations. Around £3.2m was owed to creditors.

But now just eight months later, Nottingham-based  Founda has itself failed owing around £880,000, including a £43,000 bounce back loan and £97,000 to All Foundations in administration.

Founda has been pre-packed by administrators from FRP Advisory to Liverpool-based student accommodation contractor Carpenter Build and its new subsidiary Carpenter Foundations for £105,000.

The £20m turnover Carpenter Build buyer, which employs around 100 staff, is this time around an unconnected third party.

 

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