Insolvency practitioner SFP has sold Adeo Construction Services to newly-formed Adeo Global Consulting Limited.
Horsham-based Adeo Construction Services, incorporated in February 2005 by Ian Brazier, went into administration in June 2021. At its peak of trading, in early 2019, it turned over approximately £1.5m supplying staff to construction firms, including on the Crossrail project.
The business had previously experienced financial difficulties and was subject to a creditors voluntary agreement. The Covid-19 pandemic further impacted matters. David Kemp and Richard Hunt of SFP were appointed as joint administrators on the 29th June 2021.
Exactly a week later they sold the business and assets to Adeo Global Consulting Limited, which is also owned by Ian Brazier.
The phoenix deal saved the jobs of all 20 employees.
David Kemp said: “The lockdowns during the pandemic were immensely challenging periods for businesses, especially in the construction recruitment sector, with many struggling to manage cashflow. We are not only pleased to have helped save the business, but also to have retained and safeguarded all the jobs during these tough times.”