SFP sells construction firm out of administration

21 July 2021 Consultancy.uk 1 min. read

A staffing company for the construction sector has been sold out of administration, preserving 20 jobs in the region. The sale of the West Sussex firm was overseen by professionals from SFP Group.

Adeo Construction Services was incorporated as a business in February 2005. The company provides professional staffing solutions to established construction firms and major contracts. During the firm’s peak, this included work on the Crossrail project, while in early 2019, Adeo boasted around £1.5 million in turnover.

The last two years have been especially tough for the UK construction sector, though, with a number of firms collapsing into administration as a result of sustained financial distress. The business had previously experienced financial difficulties and was subject to a CVA. Furthermore, a slowdown in business brought about by the Covid-19 pandemic further impacted matters.

SFP sell construction firm out of administration

As a result, David Kemp and Richard Hunt, of SFP Group, were appointed as Joint Administrators at the end of June. SFP is a nationwide insolvency practitioner, and the pair completed the sale of Adeo in just over one week – preserving the entirety of Adeo’s 20-strong workforce in the process.

Kemp commented, “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. We advise businesses to seek guidance and help as soon possible in order to ensure continued success.”

A corporate recovery and business turnaround specialist, SFP was established in 2002 by two brothers, Simon and Daniel Plant. The firm has since grown significantly to become a mid-tier restructuring practice for clients across the UK, offering a wideranging mix of services within its group.