A Ripon business has been saved from closure and had its future secured.
Ebor Concretes Ltd had been facing an uncertain future due to ongoing financial difficulties, however an acquisition by JP Concrete Products Ltd has resulted in a deal that has given a new life to the business whilst it has also saved the jobs of its 26 staff.
JP Concrete Products director Philip Cavalier-White said: “We are delighted to have been able to secure the future for Ebor Concretes’ factory and staff. We saw great value in the team of people and are excited about the future as we develop the site and staff as part of our wider business.”
Armstrong Watson’s Restructuring and Insolvency partners Rob Adamson and Mike Kienlen were engaged to assist with an accelerated sale of the business through an administration on 17 November 2021.
Working in conjunction with BPI Asset Advisory, they were able to generate lots of interest in the business and had two bidders keen to proceed. Everything was heading in the right direction until the end of November, when the director unexpectedly passed away.
Rob Adamson said: “Our job is to help people and businesses address their challenges and find solutions. The director’s sudden passing caused a few issues, however we worked with the family who were keen to proceed with the sale.
“The strategy was simple – keep the business trading whilst we tried to complete the sale process.”
