Senior management acquires firm from administrators
Senior management at Hewlett Civil Engineering have rescued the firm from administration with a management buy-out, saving 300 jobs.
The management team – led by chair John Duffy and managing director Alan Cooper –have bought the firm from administrators BDO, it was revealed today.
Four of Hewlett’s subsidiaries, including Hewlett Civil Engineering, were placed into administration on Monday.
BDO said it had been called in as “the companies encountered financial difficulties as a result of the challenging economic climate over the past few years”.
Cooper said: “We are extremely disappointed by the banks decision to call in the administrators. It was a hostile move and a judgement which was premature and not backed by the directors. However, I’m pleased that the acquisition of the business and assets has been completed so quickly, ensuring the future of the business and of its employees.
“I am extremely grateful for the support of the staff and clients in what has been a difficult few days for the company, and remain confident the business will soon regain its momentum.
“Hewlett is a 25-year old business with a strong identity and successful track record. Renewed independence will enable us to continue to develop the business in the direction that we choose and respond quickly to a challenging market whilst focusing on the needs of our clients and our employees.
“We look forward to continue to serve our core client base in the UK, while also looking towards opportunities overseas.”
The Yorkshire-based firm, which is working on the on £600m redevelopment of Birmingham New Street station (pictured), was founded in 1987 by chair John Duffy and works across the highways, defence, rail, residential, renewals, and power sectors.