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Civil engineering firm All Foundations went through pre-pack administration, saving 35 jobs.
The Derbyshire piles contractor has been hit by a ‘significant disruption’ to his earnings during the pandemic.
It was taken over by Founda, a company whose directors include the CEO of All Foundations, Shahrooz Zojaji.
FRP co-directors John Lowe and Yasmin Bhikha have finalized the All Foundations (UK) pre-pack sale.
In a statement, FRP said, âThe company has experienced a significant disruption to its revenues and cash flow since the start of the COVID-19 pandemic due to the impact on the entire industry. construction, which led to insolvency.
âWhen the joint directors were appointed, the business and assets were sold through an expedited merger and acquisition process. The transaction secured the future of the company and enabled the transfer of all 35 TUPE employees. The business continues to operate and operate.