Sunday, March 3, 2024

Administrators sell Hull firms as a going concern, saving 70 jobs

The business and assets of modular building construction Module-AR have been acquired out of administration, safeguarding more than 70 jobs. The £30 million turnover firm and its assets have been sold to a third party as a going concern.

Dean Watson and Paul Stanley of Begbies Traynor were appointed as Joint Administrators of the Hull-based company alongside Rikki Burton of Anderson Brookes at the end of October, after which they ran a marketing campaign and negotiations with various parties.

Dean Watson, partner at Begbies Traynor, said: “We are pleased to have completed a going concern sale of the business, which safeguards the jobs of a loyal and skilled workforce. These are particularly challenging economic times for everyone in the construction sector but this acquisition saves jobs and enables operations to continue.  We have been assisted by Rob Turner of Brabners and Paul Pilling of Hilco Valuation Services with the transaction.”

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