Woodmace Ltd and Woodmace Plant Ltd were placed in administration by their owners on 11th July due to cashflow difficulties.
Company founder John Oak bought back the assets on the same day, saving 150 jobs.
Woodmace Concrete Structures Ltd is the name of the new trading company and but it will continue to style itself as Woodmace.
Mr Oak said: “Woodmace is a highly respected brand with a dedicated, loyal staff, and the long-term investment safeguards 150 jobs and means it is very much business as usual, with the same high-quality, professional service.
“It is important to stress that the previous Woodmace was doing well but, in an issue which will resonate with far too many in the construction industry supply chain, the business was unable to collect significant amounts of money owed to it. As a consequence, there was no alternative but for the directors to place the company into administration.
“The name of Woodmace, with a proud 36-year pedigree and more than 1,000 projects completed, means so much to all of us here, and I am in a position to help.
“Looking ahead, Woodmace Concrete Structures Ltd will continue to operate with many of the same highly skilled employees and machinery.
“The overall capability will be enhanced by adding investment. This, coupled with new interim directors following restructuring, will ensure the continuation of the majority of our on-going works. Furthermore, the administrative side of the business will be enhanced to ensure a robust commercial position is maintained throughout the performance of every contract. The new company is focused and committed to delivering quality work on time and to the highest standards in line with customers’ timeframes and expectations.”
Most recent accounts for Woodmace Limited showed that it made a profit of £476,000 before tax in 2020 on turnover of £14.3m.
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