Nationwide insolvency practitioner SFP has completed the sale of Adeo Construction Services, a commercial construction services business, after it went into administration in June, an SFP spokesman said. The sale secures 20 jobs for the company.
Adeo Construction Services was incorporated in February 2005 as a provider of professional staffing solutions to established construction firms and major contracts included work on the Crossrail project. At its peak of trading, in early 2019, Adeo turned over c£1.5 million.
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.
David Kemp and Richard Hunt, of SFP, were appointed as Joint Administrators on the June 29.
Following a period of marketing, the Joint Administrators achieved a sale of the business and assets on the July 6 to Adeo Global Consulting Limited retaining the entirety of the workforce.
David 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. We advise businesses to seek guidance and help as soon possible in order to ensure continued success.”