Civil engineer committed to meeting extended payment schedule to former administrator
Civil engineer Hewlett Construction is “profitable” after a management buy-out from its former administrator BDO, the firm has said.
Under its former name, Hewlett Group, four of its subsidiaries were placed into administration in January – however senior managers rescued the firm days later with a management buy-out, saving 300 jobs.
At the time managing director Alan Cooper criticised the firm’s former bank Lloyds for its decision to call in BDO, damaging its reputation.
Seven months on, Cooper says the new firm, Hewlett Construction, is “profitable” and committed to meeting an extended payment plan to BDO.
Hewlett forecasts it will turnover £34m in the current financial year to 31 March 2014 and has an order book of £13m for the following year.
The firm was won new contracts since the buy-out for Bela Partnership and the South Yorkshire Passenger Transport Executive.
has lost its place on one of its most high-profile jobs, the £600m Birmingham New Street station revamp.
Following the administration and subsequent change in ownership Hewlett lost its place on one of its most high-profile jobs, the £600m Birmingham New Street station revamp in February.
Cooper said: “In the early days after the buy-out we experienced some difficulty in recovering debts at the speed that was originally anticipated.
“We approached BDO with the aim of reaching a mutually beneficial solution for both parties in order to sustain the new business. We were pleased that the result was an extension to the original payment deadline.”